§ 42-34-10 Insurance of mortgages. –(a) The authority is authorized, upon application of the proposed mortgagee, toinsure mortgage payments required by a mortgage on any industrial and/orrecreational project, upon such terms and conditions as the authority mayprescribe, provided the aggregate amount of the unpaid principal balance of allobligations of all mortgages so insured outstanding at any one time shall notexceed eighty million dollars ($80,000,000).
(b) To be eligible for insurance under the provisions of thischapter a mortgage shall:
(1) Be one which is made to and held by a mortgagee approvedby the authority;
(2) Involve a principal obligation, including initial servicecharges and appraisal, inspection and other fees approved by the authority, notto exceed five million dollars ($5,000,000) for any one project and not toexceed ninety percent (90%) of the cost of any project described in §42-34-6(3)(a) and not to exceed eighty percent (80%) of the cost of any projectdescribed in § 42-34-6(3)(b), and not to exceed seventy-five percent (75%)of the cost of any project described in § 42-34-6(4);
(3) Have a maturity date satisfactory to the authority but inno case later than twenty-five (25) years from the date of the mortgage for anyproject described in § 42-34-6(3)(a) and (4) and twenty (20) years fromthe date of the mortgage for any project described in § 42-34-6(3)(b);
(4) Contain complete amortization provisions satisfactory tothe authority requiring periodic payments, costs of local property taxes andassessments, land lease rentals, if any, and hazard insurance on the propertyand such mortgage insurance premiums as are required under § 42-34-11, allas the authority shall from time to time prescribe or approve;
(5) Be in such form and contain such terms and provisions,with respect to property, insurance, repairs, alterations, payment of taxes andassessments, restrictions as to location of machinery and equipment, defaultreserves, delinquency charges, default remedies, anticipation of maturity,additional and secondary liens, and other matters as the authority mayprescribe. No mortgage for any project described in § 42-34-6(4) shall beinsured under the provisions of this chapter unless the authority shall havemade affirmative determinations in accordance with subdivisions (15) and (16)of § 42-34-7.
§ 42-34-10 Insurance of mortgages. –(a) The authority is authorized, upon application of the proposed mortgagee, toinsure mortgage payments required by a mortgage on any industrial and/orrecreational project, upon such terms and conditions as the authority mayprescribe, provided the aggregate amount of the unpaid principal balance of allobligations of all mortgages so insured outstanding at any one time shall notexceed eighty million dollars ($80,000,000).
(b) To be eligible for insurance under the provisions of thischapter a mortgage shall:
(1) Be one which is made to and held by a mortgagee approvedby the authority;
(2) Involve a principal obligation, including initial servicecharges and appraisal, inspection and other fees approved by the authority, notto exceed five million dollars ($5,000,000) for any one project and not toexceed ninety percent (90%) of the cost of any project described in §42-34-6(3)(a) and not to exceed eighty percent (80%) of the cost of any projectdescribed in § 42-34-6(3)(b), and not to exceed seventy-five percent (75%)of the cost of any project described in § 42-34-6(4);
(3) Have a maturity date satisfactory to the authority but inno case later than twenty-five (25) years from the date of the mortgage for anyproject described in § 42-34-6(3)(a) and (4) and twenty (20) years fromthe date of the mortgage for any project described in § 42-34-6(3)(b);
(4) Contain complete amortization provisions satisfactory tothe authority requiring periodic payments, costs of local property taxes andassessments, land lease rentals, if any, and hazard insurance on the propertyand such mortgage insurance premiums as are required under § 42-34-11, allas the authority shall from time to time prescribe or approve;
(5) Be in such form and contain such terms and provisions,with respect to property, insurance, repairs, alterations, payment of taxes andassessments, restrictions as to location of machinery and equipment, defaultreserves, delinquency charges, default remedies, anticipation of maturity,additional and secondary liens, and other matters as the authority mayprescribe. No mortgage for any project described in § 42-34-6(4) shall beinsured under the provisions of this chapter unless the authority shall havemade affirmative determinations in accordance with subdivisions (15) and (16)of § 42-34-7.
§ 42-34-10 Insurance of mortgages. –(a) The authority is authorized, upon application of the proposed mortgagee, toinsure mortgage payments required by a mortgage on any industrial and/orrecreational project, upon such terms and conditions as the authority mayprescribe, provided the aggregate amount of the unpaid principal balance of allobligations of all mortgages so insured outstanding at any one time shall notexceed eighty million dollars ($80,000,000).
(b) To be eligible for insurance under the provisions of thischapter a mortgage shall:
(1) Be one which is made to and held by a mortgagee approvedby the authority;
(2) Involve a principal obligation, including initial servicecharges and appraisal, inspection and other fees approved by the authority, notto exceed five million dollars ($5,000,000) for any one project and not toexceed ninety percent (90%) of the cost of any project described in §42-34-6(3)(a) and not to exceed eighty percent (80%) of the cost of any projectdescribed in § 42-34-6(3)(b), and not to exceed seventy-five percent (75%)of the cost of any project described in § 42-34-6(4);
(3) Have a maturity date satisfactory to the authority but inno case later than twenty-five (25) years from the date of the mortgage for anyproject described in § 42-34-6(3)(a) and (4) and twenty (20) years fromthe date of the mortgage for any project described in § 42-34-6(3)(b);
(4) Contain complete amortization provisions satisfactory tothe authority requiring periodic payments, costs of local property taxes andassessments, land lease rentals, if any, and hazard insurance on the propertyand such mortgage insurance premiums as are required under § 42-34-11, allas the authority shall from time to time prescribe or approve;
(5) Be in such form and contain such terms and provisions,with respect to property, insurance, repairs, alterations, payment of taxes andassessments, restrictions as to location of machinery and equipment, defaultreserves, delinquency charges, default remedies, anticipation of maturity,additional and secondary liens, and other matters as the authority mayprescribe. No mortgage for any project described in § 42-34-6(4) shall beinsured under the provisions of this chapter unless the authority shall havemade affirmative determinations in accordance with subdivisions (15) and (16)of § 42-34-7.
