99- 346 C.M.R. ch. 30, § 9 - Financing Standards
Financing of Projects will be subject to the following:
A.
Documents
Evidencing Obligations of Recipients and Beneficiaries. Recipients and
Beneficiaries shall execute the documents MSHA determines are necessary or in
its best interest including, without limitation and as applicable, affidavits;
grant agreements; promissory notes; mortgage and security agreements; financial
assistance agreements; declarations of covenants, conditions, and restrictions;
financing statements; regulatory agreements; escrow agreements; and
certifications.
B.
Fees.
MSHA may limit Recipient, consultant, and other fees that MSHA finds in
its discretion are excessive or inappropriate.
C.
Loan Insurance. MSHA may
require private mortgage insurance or loan insurance or guarantees from the
federal government.
D.
Property Insurance. MSHA may require evidence of fire, hazard,
extended coverage, and liability insurance acceptable to MSHA and such other
insurance as MSHA in its discretion may reasonably require, all containing the
standard Maine mortgagee clause with loss payable to MSHA.
E.
Title Insurance. MSHA may
require a lender's title insurance policy or title search.
F.
MSHA Legal Opinion. MSHA may
require a legal opinion regarding the Applicant's legal status and authority to
receive the financing.
G.
Escrows. Programs may require the establishment of rehabilitation
or other escrows in an amount and on terms established by MSHA.
H.
Prepayment. MSHA may
prohibit prepayment of loans, impose restrictions on prepayments, or impose
charges in the event of prepayments in compliance with applicable
laws.
I.
Fair Housing and
Accessibility. An Applicant or Recipient may be required to certify to
its familiarity and compliance with the Federal Fair Housing Act, Title VIII of
the Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of
1988; the Maine Human Rights Act, Subchapters IV and V; Section 504 of the
Rehabilitation Act of 1973; and Title III of the Americans with Disabilities
Act of 1990.
J.
Fees.
MSHA may charge application fees, commitment fees, financing fees, and escrow
administration fees provided such fees are described in the applicable Program
Guide. MSHA may also pay fees to a Recipient or another party for
administration of Program requirements in accordance with a Program
Guide.
K.
Other
Requirements. Recipients and Beneficiaries shall satisfy such other
requirements as MSHA, in its discretion, determines are prudent.
Notes
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