§ 11.09.070. Rehabilitation loan.

(a) Every rehabilitation loan approved by the board must be:

(1)

Evidenced by a promissory note, the principal amount of which must be equal to the amount of the loan;

(2)

Secured by a mortgage or deed of trust on the property;

(3)

Accompanied by an agreement which:

(A)

Identifies the property and specifies the conditions of deferment of the loan,

(B)

Provides that the property must be rehabilitated for decent, safe and sanitary residential use,

(C)

Specifies the term for beginning and completing rehabilitation, and

(D)

Contains such other terms as may be required by the division or the board.

(b)

The division may require the borrower to complete additional forms or agreements to process the loan, secure the investment of the county, or to comply with applicable laws or regulations.

(c)

In the event that the borrower breaches any of the terms or conditions of the rehabilitation loan and/or corresponding agreements, or fails to comply with the requirements of this chapter, and after ten days' notice of default the borrower fails to correct the default, the county may institute foreclosure proceedings in the manner provided by law, or exercise any other remedy permitted by law.

(Ord. 2262 § 1 (part), 1999)