Section 987.603 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.603
. The department may acquire an assignment of an Indian
veteran's beneficial interest in trust land held by the United States
for that veteran or a leasehold interest in trust land acquired by
the Indian veteran from an Indian beneficiary and contract with an
Indian veteran as provided in Sections 987.601 and 987.602 upon the
terms agreed if all of the following conditions are met:
(a) The department is satisfied of the desirability of the
property submitted.
(b) The Indian veteran has agreed with the department that the
veteran, or members of the veteran's immediate family, will actually
reside on the property within 60 days from the date of acquisition by
the department, or if the residence on the property is not complete
on the date of acquisition, within 60 days after the residence is
completed.
(c) The sum to be expended by the department pursuant to a
contract for the acquisition of a home or the construction of a
dwelling and other improvements does not exceed the maximum loan
amount established pursuant to subdivision (a) of Section 987.65. The
sum to be expended by the department pursuant to a contract for the
acquisition of a mobilehome on trust land or leasehold land does not
exceed the maximum loan amount established pursuant to subdivision
(b) of Section 987.65. The sum to be expended by the department
pursuant to a contract for the acquisition of a farm on trust land or
leasehold land does not exceed the maximum loan amount established
pursuant to subdivision (e) of Section 987.65.
(d) The Indian veteran has paid a reasonable fee set by the
department to cover the cost of preliminary service of the department
that may be necessary to process the application.
(e) The Indian veteran has filed with the department adequate
plans and specifications for the improvements to be constructed upon
the property, together with a contract executed by a contractor
licensed by the State of California or by an Indian contractor
approved by the department for the construction of the improvements,
in accordance with the plans and specifications, within 12 months
after the assignment of the Indian veteran's beneficial interest or
acquisition of the Indian veteran's leasehold interest in the
property by the department. The department may require a bond or
other security instrument executed by the contractor in an amount
determined by the department providing for compliance with the terms
of the contract and for the payment of persons furnishing material or
labor on the job, executed by a surety company, or other financial
institution, authorized to do business in the State of California.
The department may also require course-of-construction insurance for
public liability, property damage, and workers' compensation.
(f) The plans, specifications, contract, and other required
documents or security instruments are approved by the department.
(g) The Indian veteran has placed in escrow all sums of money to
be advanced by the veteran where the cost is in excess of the maximum
that may be expended by the department.