Current through Register Vol. 54, No. 7, April 4, 2022
(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 §
Amended by R.1992 d.42,
See: 23 New Jersey Register 3282(a), 24 New Jersey Register
Added language regarding contingency upon availability of