Current through September 30, 2024
Section 766.204 - Amortization of recapture(a) The Agency will amortize the recapture into a Shared Appreciation Payment Agreement provided the borrower:(1) Has not ceased farming and the borrower's account has not been accelerated;(2) 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;(3) Is unable to pay the recapture and cannot obtain funds from any other source;(4) Develops a feasible plan that includes repayment of the shared appreciation amount;(5) Provides a lien on all assets, except those listed in § 766.112(b) ; and(6) Signs loan agreements and security instruments as required.(b) 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.