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§ 766.204 - Amortization of recapture.

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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.

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§ 766.203 - Payment of recapture.
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