§ 1054. Administration of contracts. 1. A contract pursuant to this article may provide for such periodic payments as may be appropriate.

Terms Used In N.Y. Private Housing Finance Law 1054

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1052

2. The corporation shall periodically review the performance of each contractor pursuant to this article. Such reviews shall include evaluation of the quality of the activities performed, the conformity thereof to contract provisions and the financial integrity and efficiency of the contractor.

3. Each contract pursuant to this article shall provide that:

(a) it may be modified and renegotiated from time to time; and

(b) it may be terminated by the corporation upon a finding of substantial noncompliance or other breach of its terms by the contractor.

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