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76 FR 75430, Dec. 2, 2011, unless otherwise noted.
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(a) For the prompt payment guarantee plan, the seller must use a third party escrow agent approved by the Agency. The escrow agent will:
(1) Provide the Agency a copy of the recorded Land Contract;
(2) Handle transactions relating to the Land Contract between the buyer and seller;
(3) Receive Land Contract installment payments from the buyer and send them to the seller;
(4) Provide evidence to the Agency that property taxes are paid and insurance is kept current on the security property;
(5) Send a notice of payment due to the buyer at least 30 days prior to the installment due date;
(6) Notify the Agency and the seller if the buyer defaults;
(7) Service delinquent accounts as specified in § 763.20(a);
(8) Make demand on the Agency to pay missed payments;
(9) Send the seller any missed payment amount paid by the Agency under the guarantee;
(10) Notify the Agency on March 31 and September 30 of each year of the outstanding balance on the Land Contract and the status of payment; and
(11) Perform other duties as required by State law and as agreed to by the buyer and the seller;
(b) For the standard guarantee plan, the seller must use a third party servicing agent approved by the Agency. The servicing agent will:
(1) Provide the Agency a copy of the recorded Land Contract;
(2) Handle transactions relating to the Land Contract between the buyer and seller;
(3) Receive Land Contract installment payments from the buyer and send them to the seller;
(4) Provide evidence to the Agency that property taxes are paid and insurance is kept current on the security property;
(5) Perform a physical inspection of the farm each year during the term of the guarantee, and provide an annual inspection report to the Agency;
(6) Obtain from the buyer a current balance sheet, income statement, cash flow budget, and any additional information needed, perform, and provide the Agency an analysis of the buyer's financial condition on an annual basis;
(7) Notify the Agency on March 31 and September 30 of each year of the outstanding balance on the Land Contract and the status of payment;
(8) Send a notice of payment due to the buyer at least 30 days prior to the installment due date;
(9) Notify the Agency and the seller if the buyer defaults;
(10) Service delinquent accounts as specified in § 763.20(b); and
(11) Perform other duties as required by State law and as agreed to by the buyer and the seller.