Vermont Statutes
Chapter 12 - Vermont Economic Development Authority
§ 264. Accelerated repayment provisions

§ 264. Accelerated repayment provisions
Any direct mortgage loan made on or after July 1, 1988 under this subchapter shall be conditioned upon the maintenance of a reasonable level of employment at the facility or facilities owned by the mortgagor and pledged as security for the loan. For the purposes of this section, a reasonable level of employment shall be deemed not to have been maintained whenever a mortgagor employing 50 or more employees at such facility or facilities permanently transfers, within any three-year period, 50 percent or more of those employees or employment positions to any out-of-state facility. Upon breach of this condition, the Authority may declare all principal and interest of the mortgage loan immediately due and payable and may commence foreclosure on any property held as security for the mortgage loan or take any other lawful steps to obtain payment. (Added 1987, No. 203 (Adj. Sess.), § 4, eff. May 27, 1988.)

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