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<br />200700164
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<br />22, Notices. Notices given under this instrument shall be sent by certified mail unless otherwise required by law. Such
<br />notices shall be addressed, unless and until some other address is designated in a notice, in the case of the Government to the State
<br />Executive Director of the Farm Service Agency at the mailing address shown above, and in the case of Borrower at the address
<br />shown in the Government's Finance Office records (which normally will be, the same as the mailing address shown above).
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<br />23. Governing law; severability. This instrument shall be governed by Federal law. Ifany provision of this instrument or the
<br />note or its application to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications
<br />of this instrument or the note which can be given effect without the invalid provision or application. The provisions of this
<br />instrument are severable. This instrument shall be subject to the present regulations of the Government, and to its future regulations
<br />not inconsistent with the express provisions hereof. All powers and agencies granted in this instrument are coupled with an interest
<br />and are irrevocable by death or otherwise; and the rights and remedies provided in this instrument are cumulative to remedies
<br />provided by law.
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<br />24. Successors and assigns; joint and several covenants. The covenants and agreements of this instrument shall bind and
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<br />benefit the successors and assigns of Government and Borrower. Borrower's covenants and agreements shall be joint and several.
<br />Any Borrower who co~signs this instrument but does not execute the Note: (a) is co-signing this instrument only to mortgage, grant
<br />and convey that Borrower's interest in the property under this instrument; (b) is not personally obligated to pay the sums secured by
<br />this instrum~~~~~,~~d.iE)~gt!es th,!!J~~Qgv~I~I!l.~nt and any other Borrower may agree to extend, modify. forbear or make any
<br />accommodations with regard to the terms of this instrument or the note without that Borrower's consent.
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<br />25, No merger. If this instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower
<br />acquires fee title to the property, the leasehold and the fee title shall not merge unless the Government agrees to the merger in
<br />writing. If the property is conveyed to the Government, title shall not merge (unless the Government elects otherwise) and the lien
<br />provided under this instrument shall not be affected by such conveyance.
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<br />26, Time is of the essence. Time is of the essence in the Borrower's performance of all duties and obligations under this
<br />instrument.
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<br />NON-UNIFORM COVENANTS. Borrower further COVENANTS AND AGREES as follows:
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<br />27. Default; death; incompetence; bankruptcy. Should default occur in the performance or discharge of any obligation in
<br />this instrument or secured by this instrument, or should the Borrower die or be declared incompetent, or should the Borrower be
<br />discharged in bankruptcy or declared an insolvent or make an assignment for the benefit of creditors, the Government, at its option,
<br />with or without notice, may: (a) declare the entire amount unpaid under the note and any debt to the Government hereby secured
<br />immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or maintenance ot~ and
<br />take possession of, operate or rent the property, (c) upon application by it and production of this instrument, without other evidence
<br />and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in
<br />like cases, (d) authorize and request Trustee to foreclose this instrument and sell the property as prescribed by law, and (e) enforce
<br />any and all other rights and remedies provided herein or by present or future law.
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<br />28. Foreclosure. At the request of the Government, Trustee may foreclose this instrument by advertisement and sale of the
<br />property as provided by law. for cash or secured credit at the option oLtheDo-vernmcnt,-pcrsonal i1Qticc ofwhlchsalc need not be'--
<br />served on Borrower; such sale may be adjourned from time to time without other notice than oral proclamation at the time and place
<br />appointed for such sale; and at such sale the Government and its agents may bid and purchase as a stranger; Trustee at Trustec's
<br />option may conduct such sale without being personally present through 'l'rustee's delegate authorized by Trustee f(Jr such purpose
<br />orally or in writing, and Trustee's execution of a conveyance of the property or any part thereofto any purchaser at foreclosure sale
<br />shall be conclusive evidence that the sale was conducted by 'frustee personally or through Trustee's delegate duly authorized in
<br />accordance herewith.
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<br />29, State law. Borrower agrees that the Government will not be bound by any present or future State laws, (a) providing
<br />for valuation, appraisal, homestead or exemption of the property, (b) prohibiting maintenance of any action for a deficiency
<br />judgment or limiting the amount thereof or the time within which such action must be brought, (c) prescribing any other statutc of
<br />limitations, (d) allowing any right of redemption or possession following any foreclosure sale, or (e) limiting the conditions which
<br />the Government may by regulation impose, including the interest it may charge, as a condition of approving a transfer of the
<br />property to a new Borrower, Borrower expressly waives the benefit of any such State laws.
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<br />FSA 1927-1 NE (01-28-05) Page 5 0/7
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