Sec. 05.17.01.07. Program Administration

A. The Department may establish from time to time detailed Program guidelines containing application schedules, procedures, underwriting standards, processing requirements, and other requirements or matters relating to the Program.

B. The Department.

(1) After financial assistance has been awarded to a Sponsor, the Department may:

(a) Determine specific terms and conditions, including length of term and rate of interest, for the financial assistance, which may be awarded as grants, recoverable grants, unsecured loans, or loans secured by a mortgage or other lien or security interest, which security interest may be superior or subordinate to other mortgages, liens, or other security interests on the collateral;

(b) Enforce the terms of grants, loans, or other financial assistance according to their terms and conditions;

(c) Notwithstanding any other provision of law, with respect to loans or grants secured by first or subordinate mortgages or other liens:

(i) Commence and pursue any action to protect or enforce any right conferred by law, contract, or other agreement;

(ii) Foreclose on property that the Department has a security interest in, and which is the subject of a community legacy agreement;

(iii) Bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of the property through conveyance in lieu of foreclosure or otherwise, and convey property after acquisition;

(iv) Settle or compromise any debt or obligation to the Department;

(v) Pay the principal of and interest on any obligations incurred in connection with the property, and dispose of or otherwise deal with the property, in any manner necessary or desirable to protect the interest of the Program; or

(vi) Release or sell any mortgage, obligation, or property held by the Department at public or private sale, with or without public bidding;

(d) Require and obtain appraisals, credit information, and other information related to making loans and enforcing the terms and conditions;

(e) Enter into contracts with any governmental or private party for the furnishing of property or services necessary to the operation of the Program or the implementation of community legacy projects, including private property managers, mortgage servicers, architects, engineers, or other consultants;

(f) Enter into agreements with other government agencies, including local, State, or federal agencies, for the purpose of establishing partnerships to carry out the Program;

(g) Modify any provision of any grant, loan, or other financial assistance in order to facilitate the successful completion or operation of a project;

(h) Contract for and accept any grant, contribution, or loan of funds, property, or other aid from the federal government or other sources and, subject to the provisions of the Act, do all things necessary to qualify for, participate in, or administer any federal program consistent with the purposes of the Act;

(i) Modify the scope of work, location, or other aspect of a community legacy project; or

(j) Exercise all powers necessary or desirable for the implementation of the Program.