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3.8 ACCELERATION OF LOAN <br />a. Sale, Conveyance, or Transfer of Property. The <br />outstanding balance of the loan, including the <br />principal amount, interest due, late charges, and any <br />other amounts that may be due shall be immediately paid <br />in full to the County upon the sale, conveyance, or <br />transfer of any possessory interest, in any manner <br />whatsoever, of the real property rehabilitated under <br />this loan program, unless transfer of title to the <br />property is through the laws of descent or by devise of <br />the maturing of a future interest to a family member <br />who would otherwise qualify under the rules established <br />by the County for the RRP. <br />b. The outstanding balance of the loan, including the <br />principal amount, interest due, late charges, and any <br />other amounts that may be due shall be immediately paid <br />in full to the County when an owner relocates from the <br />rehabilitated dwelling unit to establish residence at <br />another location. <br />3.9 RE-ISSUE OF LOAN <br />a. Transfer Property to Heir. Rehabilitation loans may be <br />re-issued to a legal heir of the deceased borrower of <br />the rehabilitated real property. The re-issuance will <br />only be allowed where transfer of title is through the <br />laws of descent or by devise or the maturing of a <br />future interest to a family member who would otherwise <br />qualify under Section 4.0 APPLICANT ELIGIBILITY of <br />these regulations and who receives full, undivided <br />interest in the real property or who receives a partial <br />interest in the real property and all others with an <br />interest in the real property agree to execute and re- <br />issue the Mortgage and Note, whichever is applicable. <br />Loans shall only be re-issued where a new borrower is <br />income eligible and resides in the rehabilitated <br />dwelling. The terms of a re-issued loan payment shall <br />be revised, if necessary, to eliminate any payment <br />deferments and require payments consistent with <br />Subsection 3.4 UNDERWRITING STANDARD, above. The new <br />borrower shall pay for all expenses related to the re- <br />issuance of a rehabilitation loan. <br />3.10 CONTRACT <br />a. The RRP will require all legal owners of the property <br />to be prepared to sign: <br />7019RBLA -8- RRP RULES/07-07-2016 <br /> <br />