N.M. Code R. § 12.21.3.10

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.21.3.10 - ELIGIBILITY OF PROPERTY OWNERS

A. An eligible property owner is a sole owner, joint owner, owner in partnership, corporate owner or owner of a leasehold interest of a term not less than five years, of any eligible property as described in Subsection A of 12.21.3.9 NMAC of these regulations.

B. A loan or loan subsidy from the loan pool shall be made only to eligible property owners who agree:

(1) to repay the loan and maintain the registered cultural property as restored, rehabilitated or repaired for a period of not less than five years; and

(2) that the property owner's failure to so maintain the property in conformity with Paragraph (1) of Subsection B of 12.21.3.10 NMAC of these regulations shall constitute a default of the loan or loan subsidy promissory note and mortgage agreement and shall be cause for acceleration of the unpaid loan or subsidy balance and exercise of foreclosure remedies against the collateral by the lending institution; and

(3) to execute a development agreement and covenants and deed restrictions with the committee and other loan agreements or documentation that may be required by the lending institution; and

(4) to rehabilitate, restore or repair a main street property, including rehabilitation of a portion of its front façade, in compliance with the standards as determined and agreed upon by the division; and

(5) to maintain complete and proper financial records regarding the eligible property and to make such records available to the division upon request; and

(6) to complete the proposed rehabilitation, repair or restoration work on the main street property within two years from the date the loan or loan subsidy is approved by the committee and closed by the lending institution; and

(7) to provide sufficient collateral security interest in the property to the state of New Mexico in accordance with 12.21.3.16 NMAC of these regulations; and

(8) to meet the committee criteria for priority ranking of loans or subsidies made from the MSRL contributions to the loan pool; and

(9) to meet the income eligibility criteria to satisfy the lending institution; and

(10) to credit the program with a job sign at least 36" in height by 24" in width, including the names of lender, other participating funding organizations, MSRL fund and the division.

N.M. Code R. § 12.21.3.10

12.21.3.10 NMAC - N, 12/15/08