Borrower responsibilities.

CFR · 2024-01-01 · US · Title 7

The borrower must: (a) Comply with all provisions of the loan agreements; (1) Non-compliance with the provisions of loan agreements and documents, other than failure to meet scheduled loan repayment installments contained in the promissory note, constitutes non-monetary default on FLP loans by the borrower; (2) Borrower non-compliance will be considered by the Agency when making eligibility determinations for future requests for assistance and may adversely impact such requests; (b) Maintain, protect, and account for all security; (c) Pay the following, unless State law requires the Agency to pay: (1) Fees for executing, filing or recording financing statements, continuation statements or other security instruments; and (2) The cost of lien search reports; (d) Pay taxes on property securing FLP loans when they become due; (e) Maintain insurance coverage in an amount specified by the Agency; (f) Protect the interests of the Agency when a third party brings suit or takes other action that could affect Agency security.

official document · source cfr-2024 · id 7:§ 765.202