Section R. 259.806 - Airport maintenance required; adherence to amortization schedule required; loan defaultRule 6.
(1) The airport sponsor shall adhere to the maintenance requirements specified in the loan agreement. These covenants shall be enforced by the aeronautics commission staff.(2) The airport sponsor shall adhere strictly to the amortization schedule.(3) A sponsor shall be held in default and shall be required to immediately repay the outstanding loan balance if loan payments are not made on a timely basis or if the airport is not maintained in accordance with loan agreement specifications.Mich. Admin. Code R. 259.806