99-346-27 Me. Code R. § 5
MaineHousing will notify each Owner requesting consent to the Transfer in writing of MaineHousing's decision on the Transfer Application, including any conditions or restrictions, or, if the request is denied, the reason for the denial, within a reasonable time after a completed Application has been submitted.
If MaineHousing consents to the Transfer, MaineHousing may require the parties to the Transfer to execute assignment and assumption agreements, amendments to the existing loan or regulatory documents for the Project, additional security documents, extensions of affordability or use covenants, guaranties of payment, intercreditor and subordination agreements, and other documents, and may require new or updated title insurance policies and property and liability insurance, adequate funding and control of Project reserves, escrows and other accounts, evidence of and legal opinions concerning entity authority, and the satisfaction of other requirements relating to the Project.
MaineHousing's approval of a Transfer is not intended to override any conditions to the Transfer that are contained in the limited partnership agreement, limited liability company agreement or other organizational documents of an Owner, and MaineHousing's conditions set out in this rule are in addition to any that are contained in the organizational documents.
99-346 C.M.R. ch. 27, § 5