Maine § 10 §1029 Insurance of subchapter 3 loans

Maine Statutes

§ 10 §1029 — Insurance of subchapter 3 loans

Maine·Title 10 COMMERCE AND TRADE·Part 2 BUILDING AND DEVELOPMENT·Ch. 110 FINANCE AUTHORITY OF MAINE

1.Eligible for insurance. All payments required under a mortgage, a loan agreement or related documents for a project financed by revenue obligation securities issued pursuant to subchapter 3, including revenue obligation securities that provide full or partial financing for more than one project, are eligible for insurance to the extent permitted under this subchapter.

2.Insurance payment. In any case when the authority becomes obligated by contract or other agreement to make an insurance payment with respect to any insured mortgage or other agreement issued with respect to insured subchapter 3 loans, the authority shall:

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1.
Eligible for insurance.
All payments required under a mortgage, a loan agreement or related documents for a project financed by revenue obligation securities issued pursuant to subchapter 3, including revenue obligation securities that provide full or partial financing for more than one project, are eligible for insurance to the extent permitted under this subchapter.
2.
Insurance payment.
In any case when the authority becomes obligated by contract or other agreement to make an insurance payment with respect to any insured mortgage or other agreement issued with respect to insured subchapter 3 loans, the authority shall:

Maine § 10 §1029 (Insurance of subchapter 3 loans) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1981, c. 476, §2 (NEW). PL 1985, c. 344, §52 (AMD). PL 1985, c. 714, §27 (AMD). PL 1987, c. 521, §9 (AMD). PL 1987, c. 846, §10 (AMD). PL 2003, c. 537, §43 (AMD). PL 2003, c. 537, §53 (AFF).