2013 Vermont Statutes
Title 10 Conservation and Development
Chapter 12 VERMONT ECONOMIC DEVELOPMENT AUTHORITY
§ 226 Insurance contracts; provisions
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.)
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