§ 11-34-116 — Agreement to use loans for purposes specified; reappraisement and additional loan

(a) Every borrower who is granted a loan under this act
shall enter into an agreement with the board that if the whole
or any portion of his loan is expended for purposes other than
those specified in his original application, or if the borrower
is in default in respect to any condition or covenant of the
mortgage, or in case the mortgagor, his heirs or assigns abandon
the land for one (1) year, or if the board at any time believes
that the loan is not adequately secured by reason of any
mismanagement, waste or neglect of the land, the loan at the
option of the board shall become due and payable forthwith. The
board may permit the loan to be used for any purpose specified
in W.S. 11-34-109.
(b) A reappraisement may be permitted at any time by the
board and an additional loan may be granted as the reappraisal
may warrant.