In the event of any default or foreclosure in respect to a project coming within this
act, the holder of the mortgage loan shall establish a set of records, separate and
distinct from those pertaining to its usual business or operations, to reflect with
reasonable accuracy the appropriate debits and credits applicable to the project,
from which all necessary and proper calculations can be made to continue to carry
out the terms and provisions of the lease or financial arrangement, or both, as directed
by this act. Such records shall be established and maintained in accordance with recognized accounting
practices, to be certified to by independent certified public accountants, in order
to assure the governmental body or agency involved that the terms and conditions of
the lease or financial arrangement will continue to be applied according to their
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.