1. A natural person to whom a loan is made pursuant to this chapter shall:
(a) Maintain the property in a decent, safe and sanitary condition; and
(b) Reside, or have a member of his or her family reside, on the property.
2. An organization to which a loan is made pursuant to this chapter shall maintain the property in a decent, safe and sanitary condition.
3. If the natural person or organization to whom a loan is made is unable to repay in accordance with the established schedule, the governing body may defer, upon good cause shown, repayment of the amount of the loan until the sale of the rehabilitated property.
(Added to NRS by 1987, 2205; A 2005, 1305)
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