§274. Loan terms and conditions

Link to law: http://legislature.vermont.gov/statutes/section/10/012/00274
Published: 2015

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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.)
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