RD 3560-1 Application for Partial Release, Subordination, or Conse

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Form RD3560-1
(02-05)

TYPE OF LOAN

(SPECIFY)

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Position 5
UNITED STATES DEPARTMENT OF
AGRICULTURERURAL
DEVELOPMENT

APPLICATION FOR PARTIAL RELEASE,
SUBORDINATION, OR CONSENT

RELEASE
PARTIAL RELEASE
SUBORDINATION
CONSENT

PART I
(Completed by Borrower)

The undersigned

FORM APPROVED
OMB NO. 0575-0189
Exp. Date: MM/DD/YY
STATE
COUNTY
CASE NO./PROJECT NO.
PROJECT NAME

(Name of Borrower)

whose address (Including ZIP Code) is
in accordance with the terms of the security instruments held by the Rural Housing Service (hereafter referred to as ''Agency'') on their
property, apply for release or subordination of the liens of said security instruments or consent to the following transaction.

(Description)

1. List prior lienholders in order of priority and attach the proposed security instrument.
Lien Priority #1:
Name:
Address:
Amount of Lien: $
Lien Priority #2:
Name:
Address:
Amount of Lien: $
Lien Priority #3:
Name:
Address:
Amount of Lien: $
Lien Priority #4:
Name:
Address:
Amount of Lien: $
Lien Priority #5:
Name:
Address:
Amount of Lien: $
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A federal agency may not conduct or sponsor, and a person is not required to respond to, nor shall a person be subject to a penalty for failure to comply with a collection of
information subject to the requirements of the Paperwork Reduction Act unless that collection of information displays a currently valid OMB Control Number. The OMB
Control Number for this information collection is 0575-0189. Public reporting for this collection of information is estimated to be approximately 30 minutes per response,
including the time for reviewing instructions, searching existing data sources, gathering, and maintaining the data needed, completing, and reviewing the collection of
information. All responses to this collection of information are voluntary. However, in order to obtain or retain a benefit, the information in this form is required under 7 CFR
Part 3560, “Rural Rental Housing Program.” Rural Development has no plans to publish information collected under the provisions of this program. Send comments
regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to: Information Collection Clearance
Officer, Rural Development Innovation Center, Regulations Management Division at [email protected]

2. Name of proposed lessee or purchaser:
Address:
Attach a copy of the proposed lease/conveyance.

3. Description of property to be covered by the release, subordination, or consent:

4. The use to be made of the property covered by this application is:

5. The anticipated proceeds from this transaction are:

Initial payment $
Subsequent payment(s) $

6. If this application is approved, the undersigned borrower agrees to comply with such terms as may be prescribed by Agency and
to disposition of the proceeds as required by Agency pursuant to its regulations, including the method of applying payments to the
borrower's loan accounts. It is expressly understood that unless a separate written instrument of subordination or partial release is
executed and delivered by Agency pursuant to this application, approval by Agency of this application will merely constitute and
evidence its consent, as lienholder, to the proposed transaction without in any way subordinating its lien, releasing any of its
security, modifying the payment terms of the loan, or otherwise affecting any rights of Agency.

(Borrower Name)

Date:

By:
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(
S
i
g
n
a
t
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r
e
)

Title:

-2-

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PART 11

(Completed by Agency)

1. The proposed transaction:
WILL
WILL NOT
prevent or make more difficult the successful operation of this property.
WILL
WILL NOT
reduce the efficiency of the property.
2. The proposed transaction will affect the value of this property as security for the loan as follows:
Present Market Value
(a) Value of Real Estate Before
(b) Value of Real Estate After
(c) Value of Real Estate Disposed of
3. The following

damages

benefits will result to this property from the transaction:

I hereby recommend that this application be approved and that the proceeds be applied or released as follows:
INITIAL PAYMENT TO:
$
$
$
$
$
$
$
$
$
$
$
$
$

SUBSEQUENT PAYMENTS TO:

extra payment on Agency loan
regular payment on Agency loan
borrower regular income
prior lienholder debts
pre-closing costs
post-closing costs
repairs or enlargement of complex
purchase additional property
increase reserves
pay investor capital losses
pay additional income tax
other (specify):
other (specify):

or

$
$
$
$
$
$
$
$
$
$
$
$
$

Date:

or
or
or
or
or
or
or
or
or
or
or
or

Recommended by:

% extra payment on Agency loan
% regular payment on Agency loan
% borrower regular income
% prior lienholder debts
% pre-closing costs
% post-closing costs
% repairs or enlargement of complex
% purchase additional property
% increase reserves
% pay investor capital losses
% pay additional income tax
% other (specify):
% other (specify):

(Signature of Servicing Official)

Title:

Date:

Disapproved by:

Approved

(Signature of Approval Official)

Title:
United States Department of Agriculture
Rural Housing Service
-3-

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