(a) The Agency will amortize the recapture into a Shared Appreciation Payment Agreement provided the borrower:
- (1) Has not ceased farming and the borrower's account has not been accelerated;
- (2) Provides a complete application in accordance with § 764.51(b), by the recapture due date or within 60 days of Agency notification of the amount of recapture due, whichever is later;
- (3) Is unable to pay the recapture and cannot obtain funds from any other source;
- (4) Develops a feasible plan that includes repayment of the shared appreciation amount;
- (5) Provides a lien on all assets, except those listed in § 766.112(b); and
- (6) Signs loan agreements and security instruments as required.
- (b) If the borrower later becomes delinquent or financially distressed, reamortization of the Shared Appreciation Payment Agreement can be considered under subpart C of this part.