Loans (Repealed)

(a) The loan may be secured or unsecured as the Authority determines to be appropriate under the particular circumstances. If the loan is to be secured, the Authority may require the borrower to provide the Department as security any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the borrower to have executed and delivered to the Department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidence of security as and in the form required by the Authority. (b) The term of a loan shall not exceed thirty (30) years from the date of the first disbursement. (c) No loan shall exceed the lesser of $150,000 or 75% of eligible repair costs. (d) The loan shall be repaid on an amortized schedule of payments or upon such other method of payment of principal and interest as the Authority considers necessary and appropriate in the particular circumstances, but in no event shall the payments be scheduled to exceed thirty (30) years from the date of the first disbursement, as set forth in section 4 (b) of these regulations. (e) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the loan agreement and the instructions of the Authority.