§765.202. Borrower responsibilities.
7 C.F.R. § 765.202
The borrower must:
Comply with all provisions of the loan agreements;
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;
Borrower non-compliance will be considered by the Agency when making eligibility determinations for future requests for assistance and may adversely impact such requests;
Maintain, protect, and account for all security;
Pay the following, unless State law requires the Agency to pay—
Fees for executing, filing or recording financing statements, continuation statements or other security instruments; and
The cost of lien search reports;
Pay taxes on property securing FLP loans when they become due;
Maintain insurance coverage in an amount specified by the Agency;
Protect the interests of the Agency when a third party brings suit or takes other action that could affect Agency security.
Notes, amendments, and revision history
Authority
Authority: 5 U.S.C. 301 and 7 U.S.C. 1989.
Source
Source: 72 FR 63309, Nov. 8, 2007, unless otherwise noted.