§ 73.308. Loan terms: industrial parks and multiple-tenancy building projects.
The terms of industrial park loans and multiple-tenancy building project loans are generally as follows:
(1) Industrial park loan terms are 15 years. No principal will be required to be paid during the first 5 years. Interest on the loan for the first 2 years will be deferred and paid in a lump sum at the end of the first 2 years. Interest for the 3rd, 4th and 5th years will be paid monthly. Amortization of principal and interest will be paid on a regular monthly basis in the 6th—15th year. In addition, a portion of sales proceeds or rentals derived from a conveyance or lease of any portion of the industrial park shall be paid to PIDA and applied as a prepayment of PIDA’s loan.
(2) Multiple-tenancy building project loan terms are 15 years. Interest only will be paid monthly for the first 2 years. Amortization of principal and interest will be paid on a regular monthly basis in the 3rd—15th year.
Source The provisions of this § 73.308 adopted and renumbered from § 303.78, March 20, 1992, effective March 21, 1992, 22 Pa.B. 1270; amended October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601. Immediately preceding text appears at serial page (230923).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
