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The Corporation will require as a condition of making, participating in the making of, purchasing, or participating in the purchase of a mortgage loan, a waiver and release from each borrower releasing the Corporation from any liability for any failure of the residential unit to meet either the construction standards set forth at 15 AAC 150.030 or 15 AAC 155.010, for any threat to health or safety contained in the residence, and for every other matter and thing relating to the construction or physical condition of the unit regardless of cause. Neither the making or purchase of a loan by the Corporation nor the participation by the Corporation in the making or purchase of a loan is a representation or warranty by the Corporation that a residence complex with 15 AAC 155.010, the standards established in 15 AAC 150.030 or 15 AAC 150.100, or any other construction standard. The Corporation will prepare a form of release to be executed by each borrower prior to making, participating in the making, purchasing, or participating in the purchase of a mortgage loan and will incorporate the release into those loan documents the Corporation considers appropriate.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
AS 18.56.096 (c)
Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.045 was contained in former 15 AAC 118.269(c). The history note for 15 AAC 150.045 does not reflect the history of the section under its former number.
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Last modified 7/05/2006