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The Vermont Statutes Online
Title
10
:
Conservation and Development
Chapter
012
:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY
Subchapter
006
:
FAMILY FARM ASSISTANCE
§
274. Loan terms and conditions
(a) Within the
limits of funds available, the Vermont rehabilitation corporation may make
loans to eligible applicants upon such terms and conditions as may reasonably
be expected to be fulfilled by the applicant. In no event shall the total
principal obligation of all Vermont economic development authority loans
granted under this subchapter to any family farmer exceed $50,000.00.
(b) The Vermont
rehabilitation corporation shall require the farmer to execute a note, loan
agreement, security agreement, mortgage or other evidence of indebtedness in
favor of the authority sufficient to protect reasonably the security of the
mortgage or secured loan. All payments shall be made to the authority for the
use of section 234 of this title. The Vermont economic development authority
shall service all loans made by the Vermont rehabilitation corporation under
this subchapter. In the event of default by a loan recipient under this
subchapter, the authority shall consult with the Vermont rehabilitation
corporation prior to commencing any collection or foreclosure action. (Added
1985, No. 81, § 1; amended 1993, No. 89, § 3(a), eff. June 15, 1993.)