[§201G-182] Owner-occupancy requirement. [Section effective until June 30, 2006. For section effective July 1, 2006, see below.] (a) An eligible borrower shall utilize the dwelling unit purchased under this part as the eligible borrower's permanent and primary residence.

(b) From time to time, the corporation may submit a verification of owner-occupancy form to the eligible borrower. Failure to respond to this verification in a timely manner may result in an immediate escalation of the interest rate or acceleration of the eligible loan.

(c) For eligible borrowers in the process of selling or transferring title to their property, the corporation may grant a waiver of subsection (a) for a period not to exceed three years and for reasons set forth in section [201G-129] on a case-by-case basis. [L 1997, c 350, pt of §2 and am c 299, §1; am L 1998, c 272, §3]

§201G-182 Owner-occupancy requirement. [Section effective July 1, 2006. For section effective until June 30, 2006, see above.] (a) An eligible borrower shall utilize the dwelling unit purchased under this part as the eligible borrower's permanent and primary residence.

(b) From time to time, the administration may submit a verification of owner-occupancy form to the eligible borrower. Failure to respond to this verification in a timely manner may result in an immediate escalation of the interest rate or acceleration of the eligible loan.

(c) For eligible borrowers in the process of selling or transferring title to their property, the administration may grant a waiver of subsection (a) for a period not to exceed three years and for reasons set forth in section [201G-129] on a case-by-case basis. [L 1997, c 350, pt of §2 and am c 299, §1; am L 1998, c 272, §3; am L 2005, c 196, §26(a)]