The Authority may approve the release of a portion of the property purchased under the program from a lien or may delegate the approval authority to the lender/servicer under the following conditions:
- (1) the Authority and lender determine that the release will not adversely affect either the borrower's operational ability or ability to continue in the program;
- (2) the borrower agrees to comply with the conditions for release imposed by the Authority which may include conditions as to the amount and location of acreage to be released, and the application of any and/or all of the proceeds of the sale to the loan; and
- (3) the remaining loan amount does not exceed 95% of the lesser of the appraisal value or the current market value of the acreage remaining after the release.
Source Note:The provisions of this §24.13 adopted to be effective June 16, 1995, 20 TexReg 4047; amended to be effective September 16, 1997, 22 TexReg 9243.