N.M. Code R. § 4.10.2.10

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

Section 4.10.2.10 - 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 nineteen years, of any eligible property as described in Subsection A of 4.10.2.9 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 seven years; and

(2) that the property owner's failure to so maintain the property in conformity with Paragraph (1) of Subsection B of 4.10.2.10 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 preservation covenants and deed restrictions with the division and other loan agreements or documentation that may be required by the lending institution; and

(4) to rehabilitate, restore or repair a registered cultural property, including rehabilitation of a portion of its front facade, in compliance with the secretary's standards as determined and agreed upon by the division; and

(5) to maintain complete and proper financial records regarding the registered cultural 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 registered cultural property within two years from the date the loan or loan subsidy is approved by the division and closed by the lending institution; and

(7) provide sufficient collateral security interest in the registered cultural property to the state of New Mexico in accordance with 4.10.2.16 NMAC of these regulations; and

(8) to meet the division and CPRC's criteria for priority ranking of loans or subsidies made from the HPL contributions to the loan pool.

N.M. Code R. § 4.10.2.10

7/16/97; 4.10.2.10 NMAC - Rn, 4 NMAC 10.2.10, 1/1/08