Farm Loan Programs - Direct Loan Servicing - Regular

Farm Loan Programs - Direct Loan Servicing - Regular

FSA2062Ins_Proposal

Farm Loan Programs - Direct Loan Servicing - Regular

OMB: 0560-0236

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FSA-2062 Date of Modification proposal 2


APPLICATION FOR SUBORDINATION OF SECURITY FOR COMMERCIAL CREDIT


INSTRUCTIONS FOR PREPARATION


Purpose:

This form is used by borrowers to request subordination of security for commercial credit. The agency, in consultation with the borrower, completes the form and the borrower signs it at the County Office.

Handbook Reference:

4-FLP

Number of Copies:

Original

Signatures Required:

Borrower(s)

Distribution of Copies:

The Original of the form is retained in the County Office.

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) DLS, FBP

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


Item No./

Fld Name

Instruction

Part A – Borrower Request

1(a)

Borrower Names

Enter the name of the Borrower(s).

1(b) Name of lender receiving proposed subordination

Enter name of lender who will receive the subordination.

1(c) Amount of subordination requested

Enter amount of subordination being requested.

1(d)

Proceeds from the subordination will be used as follows:

Enter description of how funds received from the subordination will be used.

1(e)

Legal description of security to be subordinated

Enter legal description of security proposed for subordination.

2(a)

Security

Enter a brief description of the security property affected by the subordination. Example: “Ford Tractor” or “40 acres.” Note: If subordination is for all machinery and equipment, each item will not need to be listed on the FSA-2060.

2(b)

Name of Lienholder(s)

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

2(c)

Approximate Amount of Lien

Enter the approximate amount of each lien.

2(d)

Lien priority

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

3

Complete application for subordination of FSA security to a commercial lender

Optional - May use as a checklist.

Part B – Notifications, Certifications and Acknowledgement

1 - 9

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

10

Additional Answers

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

11 through 15

Read

Part C – Certification and Signatures

1A - 6A

Signature of Individual Applicant, Spouse or Entity Member

Enter the signatures of all liable parties

1B - 6B

Capacity

Indicate capacity of each signator.

1C – 6C

Date Signed

Enter the date signed.

Part D – FSA Use Only Approval- To be completed by the agency

1

Date FSA-2062 received


Enter date FSA-2062 was received.

2

Date of Complete Application

Enter the date the application for subordination was completed.

3(a) and (b)

Enter the FBP credit presentation title (a) and date (b)


Page 3 of 3




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