Section Jus 1306.08 - Financing Commitment(a) Evidence of financing commitments required by Jus 1306.05 shall include, at a minimum: (1) A copy of a written, signed, commitment from an institutional lender to advance funds to the subdivider sufficient to complete all promised improvements, or, to the extent that the subdivider is not relying on funds borrowed from an institutional lender, a statement detailing what funds the declarant is relying on; and (2) Other evidence of the guaranteed commitment of funds sufficient to complete all promised improvements. (b) The commitments required by this section may state that the commitment is subject to registration of the subdivision prior to funding. (c) Upon execution of a loan agreement, mortgage deed, or other such legal instrument related to any land acquisition or construction financing, with respect to that portion of a subdivision for which registration has been applied or granted, the subdivider shall submit to the bureau a copy of each such executed legal instrument. (d) In the event a land acquisition or construction loan has not been funded by the date contemplated in the commitment letter or in the legal instrument evidencing the loan, the subdivider shall immediately submit to the bureau a written statement explaining the status of the loan and why it has not been funded. (e) With respect to any commitment or portion of a commitment for which there is a pre-sale requirement that has not been met at the time the commitment is submitted to the bureau, such commitment portion shall not be considered by the bureau in determining whether the financing is adequate.N.H. Admin. Code § Jus 1306.08
(See Revision Note at chapter heading for Jus 1300) #9782-A, eff 9-11-10
Amended by Volume XXXIX Number 46, Filed November 14, 2019, Proposed by # 12656, Effective 10/24/2019, Expires 10/24/2029.