§763.6. Limitations.

7 C.F.R. § 763.6

(a)

To qualify for a guarantee, the purchase price of the farm to be acquired through the land contract sale cannot exceed the lesser of:

(1)

$500,000 or

(2)

The current market value of the property.

(b)

A guarantee will not be issued if the appraised value of the farm is greater than $500,000.

(c)

Existing land contracts are not eligible for the Land Contract Guarantee Program.

(d)

Guarantees may not be used to establish or support a non-eligible enterprise.

Notes, amendments, and revision history

Authority: 5 U.S.C. 501 and 7 U.S.C. 1989.

Source: 76 FR 75430, Dec. 2, 2011, unless otherwise noted.