74BTerms and conditions of tenancy

74B Terms and conditions of tenancy

(1) For the purposes of section 30A of the Act, a purchaser or a borrower who is a tenant under that section shall, in addition to the terms and conditions contained in the contract of sale, mortgage or other security, comply with the following terms and conditions:

(a) the tenant shall not allow any part of the rental payable in respect of the tenancy or any instalment or money payable in respect of the contract of sale or advance to remain unpaid after the time appointed for the payment;

(b) the tenant shall not become bankrupt or insolvent or do or omit to do anything that results in the land and dwelling‑house which is the subject of the contract of sale or advance being seized in execution.

(2) For the purposes of the exercise by the Corporation of the power to determine a tenancy conferred upon it by subsection (2) of section 30A of the Act, a tenant shall not be deemed to have failed to comply with the condition prescribed by paragraph (a) of the last preceding subregulation unless a part of the rental payable in respect of the tenancy or any instalment or money payable in respect of the contract of sale or advance has remained unpaid for three months after the time appointed for the payment.