52 Pa. Code § 1059.7 - Additional application requirements
(a)
Agreement of sale. The
agreement of sale required under this chapter must include the information
required by the Authority, including the following:
(1) All parties to the transaction.
(2) A description of the
transaction.
(3) The identification
number of each right subject to sale.
(4) The total consideration for the sale and
for each right transferred if the sale involves multiple rights in United
States dollars, and any payment terms required by the Authority, including the
following:
(i) The assumption of any loan or
debt.
(ii) Contingencies and
nonmonetary consideration.
(iii)
Monetary consideration.
(5) An acknowledgement initialed by all
parties that the agreement is subject to the laws and jurisdiction of the
Commonwealth, the act, this part and orders of the Authority.
(b)
Execution of agreement
of sale.
(1) The proposed agreement
of sale must be signed by all parties before the Director or a designee on or
before the date the SA-1 is filed.
(2) The Authority may permit an agreement of
sale to be executed by an attorney-in-fact if the owner or proposed buyer are
unable to appear and as provided in §
1001.28 (relating to power of
attorney).
(c)
Loan documents.
(1) Any
consideration identified in subsection (a)(4) that is provided to a proposed
buyer must be evidenced in the form of written agreements. For example, the
loaning of cash money to a proposed buyer by a bank must be confirmed through
loan documents executed by the borrowing party.
(2) Documents required by paragraph (1) shall
be submitted to the Director at the time the SA-1 is filed, except that
specific financial information that cannot be known until on or about the
closing date for the sale may be left blank. The final loan documents must be
executed at the closing on the sale.
(d)
Continuing service. The
owner of the rights subject to sale shall confirm that the rights will remain
in active service pending review of the application, unless prohibited or
authorized for suspension by a provision of this part or an order of the
Authority.
Notes
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