2012 New York Consolidated Laws
PBH - Public Health
Article 28-B - (2870 - 2883) HOSPITAL MORTGAGE LOAN CONSTRUCTION
2875 - Conditions and security for loans.

 
    §  2875.  Conditions  and security for loans. No loan shall be made by
  the agency to an eligible borrower until the commissioner  has  approved
  the project and finds that:
    1.  The  eligible  borrower has complied with all of the provisions of
  article twenty-eight of this chapter and this article;
    2. The plans and specifications conform to  the  requirements  of  all
  laws  and regulations applicable thereto and assure adequate light, air,
  sanitation and fire protection and are satisfactory to him;
    3. The estimated revenue of the project or from  other  funds  of  the
  eligible borrower pledged, assigned or otherwise to be made available to
  the  agency  will be sufficient to cover all probable costs of operation
  and maintenance, of fixed charges and such reserves as may be authorized
  by the commissioner or required by the agency;
    4. Provision has been made  for  the  purpose  of  providing  for  the
  payment  of  the  difference  between the estimated project cost and the
  loan; and in the event the final project cost shall exceed the estimated
  project cost, the difference between such final  project  cost  and  the
  loan;
    5.  The  eligible  borrower  has  entered  into a regulatory agreement
  pursuant to section twenty-eight hundred seventy-three of this article.