Section 987.75 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.
987.75
. (a) If the purchaser or, if applicable, the related stock
corporation, fails or neglects to pay, satisfy, and discharge at
maturity all taxes and assessments, and all other charges and
encumbrances which are a lien upon the property being purchased from
the department, or any part thereof, and also all taxes and
assessments levied or assessed upon the interest created by the
contract of purchase of such property; or to keep the buildings,
fences, other permanent improvements upon such property insured and
in good order and repair, or to keep the crops upon such property
insured; or to keep in good order and repair all buildings, fences,
and other permanent improvements situated upon such property; then,
in such event, the department may pay, satisfy, discharge, settle, or
compromise the taxes, assessments, charges, or encumbrances, or
insure the buildings, fences, permanent improvements, or crops, or do
the work and supply the materials necessary to keep the buildings,
fences, and other improvements in good order and repair. All moneys
so expended by the department shall be added to the selling price of
the property and bear interest at the rate of interest designated in
Section 987.71 from the date of expending the same, and shall be
repaid by the purchaser to the department on demand. The department
may amortize the repayment of such expenditures or permit repayment
in installments upon the terms and conditions which it deems proper.
(b) The department may establish provisions under regulations
adopted by the department pursuant to Section 987.93 with respect to
cooperative dwelling units in lieu of, or in addition to, the
provisions of this section.