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UNIVERSITY OF MICHIGAN

3 9015 02315 0405

(4) Crop harvesting: facilities for threshing, hulling, baling, ensilage cutting, and other crop harvesting needs.

(5) Processing: facilities for the processing of agricultural and other products for marketing purposes.

(6) Handicrafts: facilities for the making and marketing of handicraft products.

(7) Grading, packing and storing: facilities for the grading, packing, and storing of perishable commodities, including cold storage and warehousing.

(8) Marketing and purchasing: facilities for the purchase or sale of raw or processed materials and goods, including the general merchandising of goods and services.

(9) Livestock improvement: facilities for livestock improvement, such as the acquisition of purebred sires, and so forth.

(10) Medical and health services.

(c) Requests for loans for participation in facilities or services other than those listed above may be submitted, and may be approved, if the facilities or services are determined by the Administrator to be proper purposes for which the Farm Security Administration is authorized to make loans.*t [Par. 5]

304.5 Security. Where a loan made to an association for the purpose of acquiring specific property or for the purpose of producing a crop, such loan shall be secured by a mortgage, chattel mortgage, or lien on the property or crop so acquired or produced, and may be further secured by a mortgage, chattel mortgage, or lien on any other property or crop of the association, and/or by an assignment of fees, tolls, and rights under marketing and service agreements.

Where local law or the individual situation of the association makes a different type of security more desirable, a different form of security may be used on approval of the Solicitor. The Farm Security Administration will not in any case waive its rights as a general creditor.

Loans for purposes other than to acquire specific property or produce a crop shall be secured by such security as may be approved by the Administrator.*+ [Par. 7a]

304.6 Period of loan. Loans will be for the shortest period consistent with the purpose and policies of this subpart, considering the use to which the proceeds thereof are to be put, the financial resources and earning capacity of the borrower, and, in the case of loans to finance the purchase of specific property, the probable rate of depreciation, the estimated life thereof, and the amount of the loan as compared with the total purchase price, but in no case will the period exceed 40 years. When a loan is made for purposes which dictate different maximum periods of payment, repayment will be computed and will be required for each type of loan in accordance with this section.*t [Par. 8]

304.7 Amortization. Loans which have a maturity of less than 2 years will be repaid in such instalments of principal and interest as the Administrator may determine. Efforts will be made, however, to have such loans repayable in quarterly, semiannual, or annual equal instalments of principal and interest.

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**For statutory and source citations, see note to § 304.1.

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