§ 120.552. Lease.
96 words·~1 min read·
/us/cfr/t13/s§ 120.552·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If approved, the applicant must personally occupy the residence during the term of the lease and pay a reasonable rent to SBA. The lease will be for a period of at least 3 years, but no more than 5 years. A lease of less than 5 years may be renewed, but not beyond 5 years from the original lease date. During or at the end of the lease period, the lessee has a right of first refusal to reacquire the homestead property under terms and conditions no less favorable than those offered to any other purchaser.