Loading...
All conventional RAP loan agreements shall provide that so long as the loan or any portion of it is outstanding, the owner of the property subject to the loan shall carry adequate property insurance. The Chief Administrative Officer shall establish standards for determining when property insurance is adequate.
(Added by Ord. 23-74, App. 1/9/74)
If the Chief Administrative Officer deems it desirable and necessary to effectuate the purposes of the program that an impound account be required to assure taxes, insurance, or a maintenance reserve, he or she may include such a requirement in any conventional RAP loan agreement.
(Added by Ord. 23-74, App. 1/9/74)
Loading...