RD 1955-01 Offer to Convey Security

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Form RD 1955-1
(Rev. 6-97)

FORM APPROVED
OMB NO. 0575-0172
Expiration Date
mm/dd/yy

Position 3
UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL DEVELOPMENT
FARM SERVICE AGENCY

TYPE OF LOAN

STATE

OFFER TO CONVEY SECURITY

COUNTY
CASE NO.

BORROWER NAME
I.

We hereby offer to convey to the United States of America, acting through the
Rural Housing Service,
Rural Utilities
Service,
Rural Business-Cooperative Service,
Farm Service Agency, herein called the ''Agency'', our property covered by
mortgages, deeds of trust, or other security instruments held or insured by the Agency.
in full satisfaction of
for a credit equal to the value of the property as determined by the Agency, less prior liens, if any, on our obligations which are
secured by or described in such instruments and any obligations incurred on our behalf, as authorized below, in connection with the
conveyance of satisfactory title to the Agency.

II.

We agree to remove at our expense all prior and junior liens, (except Agency liens) and all other encumbrances and title defects (now
known or hereafter disclosed) except those approved by the Agency in writing.

III.

We agree that the following items will be paid by us or may be paid by the Agency and charged to our account as indicated by the marked
blocks:
Will be Paid
BY Us

May be Paid by the Agency and
Charged to Our Account

Item
Expenses necessary or incidental to such conveyance (including but not
limited to expenses of title examination, survey, revenue stamps, notary
and recording fees.)
Cost of keeping insurance in force on the property in accordance with the
provisions of the security instruments until our deed to the Agency is recorded.
Cost of title insurance if required by the Agency.
Taxes and assessments, and any liens approved by the Agency for
which payment is necessary to clear title.

Any items described above in this paragraph not paid by us may be paid by the Agency, at its option and charged to our account.
IV.

We hereby assign to the Agency the following:
(1)

all our right, title and interest in all insurance premiums paid by the Agency and charged to our account and all unpaid claims
arising from insurance policies in effect at any time on any buildings on said property;

(2)

all our right, title and interest in all abstracts of title, title insurance policies or other title evidence, and in all outstanding leases to
which said property is subject, including oil and gas and other types of mineral leases; and

(3)

funds now on deposit, including borrower and Agency funds in a construction, supervised, or other account under agreement with
the Agency and/or
;

(4)

all our rights, title, and interest in all contract rights, inventories, equipment, furnishings, accounts, general intangibles, gross
receipts, gifts, pledges, income, and revenue as described in security instruments held or insured by the Agency.

(Name of Bank)

If cash proceeds from this assignment are received by the Agency before title to the property passes to the Agency, the proceeds shall be
applied to the indebtness.
V.

We agree to deliver possession of said property to the Agency when it notifies us that our offer is accepted.

VI.

The Agency may accept or reject this offer at anytime by indicating so in Item VII below and delivering or mailing a copy of this offer to
us at the address currently in the Agency Finance Office records or such other address as we may direct. We understand that we may
withdraw this offer by written notice delivered to the Agency at anytime prior to its acceptance.

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 0575-0172. Public reporting for this collection of information is estimated to be approximately 15 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. 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,
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including suggestions for reducing this burden to: Information Collection Clearance Officer, Rural Development Innovation Center, Regulations Management Division at

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Individual(s):

Borrower

Co-Borrower

Date:

Date:

Proprietorship, Partnership, Corporation, Association, Public Body, or Other Entity:

Attest

Borrower Name

By:

By:

Title:

Title:

Decision by Agency:
VII.

Your offer to convey security is

accepted

VIII.

In accordance with the terms of your offer, you

rejected.
are/

are not to be released from liability.

Date:
(Approval Official)

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(Title)