Illinois Administrative Code
Title 14 - COMMERCE
Part 640 - RURAL DIVERSIFICATION ACT PROGRAM
Subpart A - RURAL DIVERSIFICATION LOAN PROGRAM
Section 640.170 - Maintenance and Insurance of Property

Universal Citation: 14 IL Admin Code ยง 640.170

Current through Register Vol. 48, No. 12, March 22, 2024

a) The recipient shall at all times maintain the property provided as security for the loan in such condition and repair as a reasonably prudent person would who held title to the property.

b) The recipients shall maintain, during the term of the loan, fire and hazard insurance policies, covering the amount of the loan with a loss payee clause in favor of the Department.

c) The recipient shall, if at any time during the life of the loan the recipient's property is declared to be within a flood hazard area, purchase federal flood insurance if available, and in an amount equal to the amount of the loan.

d) The recipient shall maintain liability and workers' compensation insurance.

e) The recipient shall provide written notice to the Department of any public hearing or meeting before any administrative or other public agency which may, in any manner, affect the personal property or real estate securing the loan.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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