Arizona § 28-7001 Right-of-way purchase; financing

Arizona Statutes

§ 28-7001 — Right-of-way purchase; financing

Arizona·Title 28 Arizona Revised Statutes·Ch. 20 STATE HIGHWAYS AND ROUTES·Art. 4 State Highway Fund and Budget

A.If the department elects to enter into a contract or agreement for the purchase of right-of-way and in addition to other methods of acquisition prescribed by law, at the discretion of the property owner, the department may enter into a contract or agreement for the purchase of right-of-way utilizing one or more of the following financing methods:

1.Cash to mortgage purchase agreement.

2.Seller financing.

3.Assumption of existing financing.

4.Lease-purchase agreement.

5.Any other term purchase agreement.

B.A contract or agreement authorized by section 28-7000 or this section shall not contain a financing method that would result in the creation of a debt pursuant to article IX, section 5, Constitution of Arizona.

C.The department may negotiate regarding the terms of purchas

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A. If the department elects to enter into a contract or agreement for the purchase of right-of-way and in addition to other methods of acquisition prescribed by law, at the discretion of the property owner, the department may enter into a contract or agreement for the purchase of right-of-way utilizing one or more of the following financing methods:

1. Cash to mortgage purchase agreement.

2. Seller financing.

3. Assumption of existing financing.

4. Lease-purchase agreement.

5. Any other term purchase agreement.

B. A contract or agreement authorized by section 28-7000 or this section shall not contain a financing method that would result in the creation of a debt pursuant to article IX, section 5, Constitution of Arizona.

C. The department may negotiate regarding the terms of purchase and enter into a contract with the property owner regarding the financing and terms of purchase. The contract between the department and the property owner regarding financing and the terms of purchase is binding in the event of condemnation.

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