Conservation Loan Program - Direct Loan Servicing - Regular

Conservation Loan Program - Direct Loan Servicing - Regular

FSA2060Ins_12-31-07

Conservation Loan Program - Direct Loan Servicing - Regular

OMB: 0560-0270

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FSA-2060 Date of Modification 12-31-07


APPLICATION FOR PARTIAL RELEASE, SUBORDINATION OR CONSENT


INSTRUCTIONS FOR PREPARATION


Purpose:

This form is used by borrowers to request agency approval for transactions affecting real estate that serves as security for agency loans, such as partial releases, sale or exchange of security, right of way, lease, conveyance, and subordinations. The agency, in consultation with the borrower, completes the form and the borrower signs it at the County Office. The agency then uses the form to approve or deny the action requested.

Handbook Reference:

4-FLP, 5-FLP, and 6-FLP

Number of Copies:

Original and one copy*

Signatures Required:

Borrower(s) and recommended and approving Authorized Agency Official(s). If the recommending approval official has the authority, they may also be the approving official.

Distribution of Copies:

The Original of the form is retained in the County Office. The copy is given (mailed) to the borrower(s).

Automation-Related Transactions: (Instructions for writers: provide only the information required, i.e. ADPS TC 3K. If no automation actions are required, insert N/A) MAC/DLS

The borrower, with assistance of the agency, completes Part A, Items 1 - 14


Fld Name /
Item No.

Instruction

1(a)

Borrower Names

Enter the name of the Borrower(s).

1(b)

Release

Check this box if the Application is for the release of FSA’s security interest.

1(c)

Subordination

Check this box if the Application is for the subordination of FSA’s lien position.

1(d)

Name of Party

Enter the name of the Party to whom FSA is requested to subordinate their security.

1(e)

Consent

Check this box if the application is for consent.

1(f)

Reason for Consent application

Enter the specific action requiring consent that is being requested with this Application.

2

Description of Property

Enter the description of the security property affected by the release, subordination or consent request.


Fld Name /
Item No.

Instruction

3(a)

Name of Lienholder

Enter the name of any lienholder, including FSA in the order of lien priority.

3(b)

Approximate amount of lien

Enter the approximate amount of the lien.

3(c)

Lien priority

Enter the lien priority of the lien – 1st, 2nd, 3rd, etc.

4

Use

Enter the use to be made of the property covered by the application and to whom the property will be leased or conveyed.

5

Proceeds

Enter the amount of the proceeds anticipated or the benefit to be gained by this transaction.

6

Additional considerations

Enter any additional considerations.

7

Proposed use of proceeds

Enter the proposed use of the proceeds anticipated.

8(a) – (c)

Certifications

Check “YES” or “NO” to each of the three questions.

9

Certification Explanation

If “YES” was marked in any of the three certification questions, enter an explanation.

10

Read – the paragraph contains a false statement warning.

11-14A

Signature

Enter the signature of the borrower(s) making the request for partial release, subordination or consent.

11-14B

Date

Enter the date.

Part B – FSA Approval- To be completed by the agency

1

Comment

Provide documentation to support the recommendation and/or approval of the transaction including compliance with the requirements for approving type of transaction and any of the damages and/or benefits that will result from the transaction.

2(a)

Initial Payment

Enter the amount of the initial payment and the distribution of the payment to one of the 5 options listed.

2(b)

Subsequent Payments

Enter the amount of any subsequent payment(s) and the distribution of the payment to one of the 5 options listed.


Fld Name /
Item No.

Instruction

3(a) or (b)

Recommend-ation

Check either the “recommend” or the “do not recommend” box.

3(c)

Recommend-ing Agency Official Name

Enter the name of the recommending Agency Official.

3(d)

Recommend-ing Agency Official Title

Enter the title of the recommending Agency Official.

3(e)

Signature

The recommending agency official will sign.

3(f)

Date

The date will be entered by the recommending agency official when they sign the form.

4(a) or (b)

Agency Decision

Check either the “approve” or the “do not approve” box.

4(c)

Reason for denial

Enter the reason for denial of the request.

4(d)

Approving

Authorized Agency Official Name

Enter the name of the Authorized Agency Official making the decision to either approve or disapprove the release, subordination or consent.

4(e)

Approving Authorized Agency Official Title

Enter the title of the Authorized Agency Official.

4(f)

Signature

The Approving Authorized Agency Official will sign.

4(g)

Date

The date will be entered by the Authorized agency official when they sign the form.


Contact the State Office if additional guidance is needed.


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