A conservation practice loan is subject to the following terms and conditions:
(1) The district shall obtain a security interest in real estate that would be obtained by a reasonable, careful, and prudent lender.
(2) The term of the loan may not be greater than the life of the project and may not exceed 30 years.
(3) A current appraisal of real estate offered as security and a commitment for title insurance on that land must be secured by the borrower at the borrower's expense. All costs incident to the loan and loan closing must be paid by the borrower.
(4) A conservation practice must be completed according to United States natural resources conservation service standards and specifications, if applicable.