Special conditions.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (1) Suitable workman's compensation insurance will be carried by the applicant for all its employees. (2) The applicant will be advised of the possibility of incurring liability (k) (2) The applicant will provide fidelity bond coverage for its officers and employees entrusted with the receipt, custody, and disbursement of its funds and the custody of any other negotiable or readily saleable personal property. The amount of the bond will be at least equal to the maximum amount of such funds including funds in bank accounts, and property that the applicant will have in its possession or control at any one time. If permitted by State law, the United States will be named coobligee in the bond. Form RD, “Position Fidelity Schedule Bond,” may be used if permitted by State law. (l) (1) The requirements of 7 CFR 3550.70 must be met and a conditional commitment issued prior to the start of construction of the home. (2) The conditional commitment must be issued to an RHS borrower who can legally provide the proposed housing and has the experience and training in construction to the extent necessary to assure that the housing will be built or jointly to the RHS loan borrower and a builder who has the legal capacity, training and experience necessary to construct the housing. In all cases the following language will be added under “other conditions” on Form RD 1944-11, “Conditional Commitment”: (i) “Not withstanding the other provisions of this com

official document · source cfr-2024 · id 7:§ 1822.267