(a) The unpaid amount of any loan shall be due and payable upon the occurrence of any of the following events:
(1) Sale or transfer of ownership of the property, if the arts organization is the owner of the subject property.
(2) The vacation of the property by the arts organization, if the organization is the tenant of the subject property.
(3) Cessation of activities by the borrower as a nonprofit performing arts organization, whether or not the property is transferred or vacated.
(4) Cessation of use of the property as a performing arts facility.
(b) Assignment of the unpaid amount of such a loan to a purchaser or transferee may be permitted where the Director determines that the purchaser or transferee is an arts organization which qualifies for a loan under current loan eligibility standards. The Director shall promulgate rules and regulations which shall be applied in making the determinations required under this subsection.
(Added by Ord. 69-84, App. 2/15/84; amended by Ord. 160-91, App. 4/25/91)
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