Current through Register Vol. 54, No. 36, September 7, 2024
Section 138a.8 - General conditions(a) A borrower who sells or conveys the property for which an interest deferral or loan guarantee was granted shall immediately repay the loan in full to the lender and repay outstanding interest deferral owed to the Commonwealth through the lender.(b) A borrower who fails to maintain the land or facility for which an interest deferral or loan guarantee was granted for a period longer than 1 year shall be considered to be in default and shall repay the loan in full to the lender and repay outstanding interest deferral to the Commonwealth. The default may be waived by the Secretary in the event of a physical disability of the borrower or other extenuating circumstances.