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Maximum terms of advances


Section 36 (1)  Subject to section 37, the maximum term to be specified under paragraph 17(3)(b) in a certificate of entitlement in relation to a subsidised advance that a person may seek from the Bank is:


(b) in the case of an additional advance, a widow or widower advance or an advance for essential repairs:

(i)a term equal to the unexpired part of the term of the borrower's initial advance, further advance or Corporation advance, or of the purchaser's contract of sale, as the case may be; or

(ii)If the Secretary determines that a longer maximum term would be appropriate, having regard to the circumstances of the case - such longer term as the Secretary determines;


Section 36 (3)  Where the term of a specified portfolio asset which vests in the Bank under section 6B, or of a subsidised advance increases as a result of a grant of instalment relief to the purchaser or borrower, the maximum term of that specified portfolio asset or advance shall be taken to have been increased by a period equal to the period by which the term of that asset or advance was so increased.