§ 226 - Insurance contracts; provisions - Vermont Statutes

§ 226. Insurance contracts; provisions

An insurance contract, among other things, may provide:

(1) That in case of default the authority, for the purpose of safeguarding the fund, may grant the mortgagor permission to lease the mortgaged property to a responsible tenant for a use other than that specified in the definition of "eligible facility" in this chapter, subject to such conditions as the authority may prescribe;

(2) That in case of default, the authority may assume the mortgage payments. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 7, eff. March 27, 1975; 1993, No. 89, § 3(b), eff. June 15, 1993.)