Section 9. Sale or conveyance by applicant.
(a) Obligation due on sale.--Any applicant who sells or conveys the property for which an interest deferral or loan guarantee was granted shall immediately return the entire indebtedness still owed to the lender, if any.
(b) Default.--Any applicant who fails to maintain the land covered by an interest deferral or a loan guarantee for a period of time longer than one year shall be in default. Such a default may be waived by the secretary, after consultation with the committee and the Secretary of Commerce, in the event of a physical disability or other extenuating circumstances.
Compiler's Note: The Secretary of Commerce, referred to in subsec. (b), was renamed the Secretary of Community and Economic Development by Act 58 of 1996.