According to State Statutory requirements which govern CROP, the Note's maturity date must be on or before March 31 of the year following the origination of the CROP loan. WHEDA will automatically extend the maturity date to June 30 of the year following the origination of the CROP loan.
REMINDER: |
If the maturity date is extended, the Lender should execute a deferral agreement or equivalent to protect the Lender's and WHEDA's interest in the event the Farmer files bankruptcy. A copy of the executed agreement does not need to be sent to WHEDA. |
