§766.204. Amortization of recapture.
7 C.F.R. § 766.204
The Agency will amortize the recapture into a Shared Appreciation Payment Agreement provided the borrower:
Has not ceased farming and the borrower's account has not been accelerated;
Provides a complete application in accordance with § 764.51(b), by the recapture due date or within 60 days of Agency notification of the amount of recapture due, whichever is later;
Is unable to pay the recapture and cannot obtain funds from any other source;
Develops a feasible plan that includes repayment of the shared appreciation amount;
Provides a lien on all assets, except those listed in § 766.112(b); and
Signs loan agreements and security instruments as required.
If the borrower later becomes delinquent or financially distressed, reamortization of the Shared Appreciation Payment Agreement can be considered under subpart C of this part.
Notes, amendments, and revision history
Authority
Authority: 5 U.S.C. 301, 7 U.S.C. 1989, and 1981d(c).
Source
Source: 72 FR 63316, Nov. 8, 2007, unless otherwise noted.