Section 250-RICR-110-00-4.10 - Fund TermsA. Grant Terms and Conditions: The notice of an award will set forth all grant terms, schedules, and conditions.B. Loan Terms: In addition to any other limitations which may be imposed: 1. No loan shall exceed ninety (90) percent of the purchase price to be paid for the subject property.2. No loan shall exceed seventy-five (75) percent of the appraised value of the subject property.3. Each loan agreement shall specify a maximum five (5) year term within which the full amount of the loan shall be repaid, shall require payments on a quarterly basis, and shall set forth the amounts of each periodic payment. The Natural Commission may alter the repayment terms of the loan in emergency situations.4. As security for said repayment obligations, the applicant shall execute a "Promissory Note" for the subject property to the Natural Heritage Preservation Commission and to the State of Rhode Island. The applicant will also be responsible for providing a title insurance policy in the amount of the loan. The Natural Heritage Preservation Commission and/or the State of Rhode Island shall have under said "Promissory Note" the right to foreclose upon said property and to sell it to any person and on any terms, which it may, in its discretion, choose. The failure to make periodic payments in a timely manner or to maintain the property in accordance with the management plan shall, at the option of the Commission, make the full balance of the loan immediately due and payable.C. Project Period: The beginning date of a project period will be the date of project approval. A term of two (2) years shall be considered the project period for all land acquisition projects. The Director may extend the project term for an additional two years after review and recommendation by the Commission. A term of four (4) years will be the maximum term for all acquisition grants and/or loans. If the Director should grant a Waiver of Retroactivity, as outlined in § 4.6 of this Part, the effective date of the Waiver of Retroactivity shall be used as the beginning date of the project period.D. Discrimination: Any property acquired with funds from this bond authorization shall not discriminate against persons desiring to use said property on the basis of residence, including preferential reservation membership or annual permit system which are prohibited. Project sponsors may impose reasonable limits on the type and extent of use of areas acquired with this fund when such a limitation is necessary for maintenance or preservation of the property and is consistent with the Management Plan as outlined in § 4.11 of this Part.250 R.I. Code R. 250-RICR-110-00-4.10