Conn. Agencies Regs. § 32-9f-9a

Current through December 27, 2024

Section 32-9f-9a - Loan agreement

The borrower shall enter into a loan agreement with the State of Connecticut wherein the borrower shall agree:

(1) To notify the Commissioner of the modification of any provision of the contract which is the basis for the loan when said modification affects the total amount due under the contract, affects the time or manner payment or any other modification which shall substantially affect contract or the manner or performance of said contract;

(2) To notify the Commissioner of the termination of any part of the contract or the termination of the entire contract by any party to the contract;

(3) To notify the Commissioner of the failure of either party to the contract to perform any of its obligations under the contract;

(4) To notify the Commissioner of the rejection of any material or article delivered in the performance of the contract;

(5) To make periodic progress reports at such time and in such manner as the Commissioner, in his discretion, shall require;

(6) That he will not take on or enter into any additional contracts without the prior written approval of the Commissioner;

(7) That the funds advanced shall be used only to pay for labor and material on a specific contract;

(8) To represent and warrant that it has the power and authority to enter into the loan agreement and to incur the obligations therein provided for, and that all documents and agreements executed and delivered in connection with the loan will be valid and binding upon the borrower in accordance with their respective terms.

Conn. Agencies Regs. § 32-9f-9a

Effective June 21, 1988