§ 42-11.2-7 - Required contract provisions.
SECTION 42-11.2-7
§ 42-11.2-7 Required contract provisions.– Contracts to make rental assistance payments under this chapter shall providethat:
(1) The duration of rental assistance payments thereundershall not exceed or extend beyond the duration of principal payments due andowing by the eligible owner upon the primary financing of the acquisition,construction, or substantial rehabilitation of the affected units.
(2) The lease between the tenant and the eligible owner shallcontinue indefinitely unless the tenancy is terminated as provided insubdivision (3).
(3) The eligible owner shall not terminate the tenancy duringthe term of any lease or at the end of any lease term except for serious orrepeated violations of the terms and conditions of the lease, for violation ofapplicable state or local law, or for other good and substantial cause.
(4) The obligations under the lease and rental agreementsurvive the sale of the units and shall be binding upon the new owner of theunits.
(5) The obligations under the contract between the eligibleowner and the executive department shall survive the sale of the units subjectto the contract and shall be binding upon any successor in interest of theeligible owner. The executive department shall cause a copy of the contract tobe recorded in the land records office of the locality in which the assistedunits are located within fifteen (15) days of execution of the contract.