The Interest Free Loan shall be repaid monthly by the mortgagor in an amount equal to the loan amount divided by the number of monthly periods until maturity.
(a) The priority for payment of such loan in the event the loan is in arrears is after the Financial Institution’s requirements and before other Trust fund obligations. (b) GHC may establish and charge the mortgagor late fees for all Interest Free Loans that are paid after the grace period. (c) Where allowed by the participating lender, GHC may authorize deferral of the Interest Free Loan for a period of time not to exceed five (5) years. 2017 NOTE: Subsection designations added pursuant to the authority of 1 GCA § 1606.