Ill. Admin. Code tit. 92, § 15.80 - Repayment Requirements
a)
Loan payments shall be scheduled in equal amounts for the periodsdetermined
under subsection (b) of this Section. The loanpayments shall be calculated so
that the loan is completelyrepaid, with interest, on outstanding balances, by
the end of theterm determined under Section
15.70(b).
b) The period of loan payments shall be
annual, and the annual payment will be due on the anniversary of the date the
loan was received by the Owner unless, by mutual agreement, a period ofless
than one year is chosen.
c) There
will be no penalty for early payment ahead of the paymentschedule. In the event
of a prepayment, the principal of the loan shall be reduced. The amount of the
periodic payments shall remain the same, but the number of those payments, and
the period of the loan, shall be reduced unless the Department agrees to reduce
the amount of the payments and to allow the period of the loan to remain the
same. (Section 34b(b)(4) of the Act)
d) If the Owner receives a project grant(s)
for the acquisition of the property, such grant(s) shall be applied to the
payment of the loan and the principal shall be reduced accordingly. The amount
of the periodic payments shall remain the same, but the number of those
payments, and the period of the loan, shall be reduced unless the Department
agrees to reduce the amount of the payments and to allow the period of the loan
to remain the same.
e) No interest
in the property can be transferred by the Owner without express, written
permission from the Department. If such an interest is transferred, in whole or
in part, then the loan must be repaid in full from the proceeds of the
transfer.
Notes
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