ARM 4.14.309. REPAYMENT OF LOANS

(1) The beginning farmer's/rancher's repayment obligations, under the loan agreement and promissory note, are subject to mandatory prepayment in certain events which are set forth in the loan agreement. (2) The beginning farmer/rancher repayment obligations under the loan agreement and promissory note are subject to optional prepayment under terms and conditions to be agreed upon between the beginning farmer/rancher and the financial institution. The documents and the structure of the financing require any installment payment made under the loan agreement and promissory note to be applied against a like installment payable under the bond and the financial institution agrees that any such prepayments will be so applied to the payment of the bond.