N.J. Admin. Code § 7:1A-2.9

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:1A-2.9 - Loan award document

(a) The Department shall prepare and transmit three copies of the loan award document to the applicant.

1. The applicant shall execute the loan award document and return it within 30 calendar days after receipt. The Department may, in its discretion, extend the time for execution. The loan award document shall be signed by a person authorized by resolution or ordinance to obligate the applicant to the terms and conditions of the loan award document.

2. The loan award document shall set forth the terms and conditions of the loan, approved project scope, budget, approved project costs, and the approved commencement and completion dates for the project or major phases thereof.

3. The loan award document shall be deemed to incorporate all requirements, provisions, and information in documents or papers submitted to the Department in the application process.

4. After the Department has completed its internal processing of the loan award document it shall transmit a copy of the executed loan award document to the borrower.

N.J. Admin. Code § 7:1A-2.9

As amended, R.1984 d.232, effective 6/18/1984.
See: 16 New Jersey Register 631(a), 16 New Jersey Register 1479(a).
"Loan award document" was formerly codified at N.J.A.C. 7:1A-2.10.
Amended by R.1992 d.252, effective 6/15/1992.
See: 24 New Jersey Register 707(a), 24 New Jersey Register 2245(a).
Reference to Division changed to Department.