Section Jus 1405.10 - Financing Commitment(a) Evidence of financing commitments required by Jus 1405.07 shall include, at a minimum: (1) A copy of a written, signed, commitment from an institutional lender to advance construction funds to the declarant, sufficient to complete all promised improvements, or, to the extent that the declarant 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 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 condominium 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 condominium for which registration has been applied or granted, the declarant 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 declarant 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 presale requirement that has not been met at the time the commitment is submitted to the bureau, such commitment or portion shall not be considered by the bureau in determining whether the financing is adequate. (f) Notwithstanding (e) above, the bureau shall consider such commitment or portion on the following conditions:(1) The declarant shall, within 270 days of the date of registration, submit to the bureau a statement from the lender indicating that the commitment, to the extent that it provides funding for construction of registered units, is no longer subject to a presale agreement; and (2) Upon the failure of the declarant to comply with the above, the bureau shall issue any appropriate order after such notice and hearing as required by law, including requiring the declarant to return deposits with appropriate interest.(g) For purposes of (e) above, "presale" means the existence of: (1) A binding purchase and sale agreement; (2) Agreement to lease; or(3) Any other similarly binding agreement or transaction..N.H. Admin. Code § Jus 1405.10
(See Revision Note at chapter heading for Jus 1400) #9783-A, eff 9-11-10
Amended by Volume XXXIX Number 46, Filed November 14, 2019, Proposed by # 12910, Effective 10/24/2019, Expires 10/24/2029.