N.J. Admin. Code § 7:22-4.16

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

Section 7:22-4.16 - Trust loan award and closing

(a) Upon the execution of the Trust loan agreement by the Trust and the recipient, the Trust loan is awarded and the agreement becomes effective and constitutes an obligation of the Trust in accordance with its terms and conditions. The obligation of the Trust under a Trust loan agreement is contingent upon the availability of funds from which disbursements can be made. The Trust loan is considered closed as indicated in the Trust loan agreement.

(b) The award or closing of the Trust loan does not commit or obligate the Trust to award any continuation or supplemental Trust loan to cover cost overruns of the project. Cost overruns for any project or portion thereof are the sole responsibility of the recipient.

(c) The award or closing of a Trust loan by the Trust shall not be used as a defense by the applicant to any action by any agency for the applicant's failure to obtain all requisite permits, licenses and operating certificates for its respective projects.

N.J. Admin. Code § 7:22-4.16

Amended by R.1992 d.42, effective 1/21/1992.
See: 23 New Jersey Register 3282(a), 24 New Jersey Register 246(a).
Added language regarding contingency upon availability of funds.