76-15-546. Terms and conditions of loan. A conservation practice loan is subject to the following terms and conditions:
     (1) The district shall obtain such security interest in real estate as would be obtained by a reasonable, careful, and prudent lender.
     (2) The term of the loan may not be greater than the life of the project, and in no case may it exceed 30 years.
     (3) A current appraisal of real estate offered as security and a commitment for title insurance on that land must be secured by the borrower at his expense. All costs incident to the loan and loan closing, other than administrative costs of the district, must be paid by the borrower.
     (4) A conservation practice must be completed according to United States soil conservation service standards and specifications, if applicable.

     History: En. Sec. 16, Ch. 473, L. 1983.