Veterans’ Land Act — V-1.5 11
Sale of land, etc., to veterans 11 (1) Subject to this Part and the regulations, the Director may contract with a veteran certified by him to be qualified to participate in the benefits of this Part for the sale to such veteran of land and improvements thereon, building materials, livestock and farm equipment up to a total cost to the Director of six thousand dollars, but subject to the following conditions: (a) that the cost to the Director of the land, improvements and building materials shall not exceed six thousand dollars; (b) that the veteran has paid to the Director ten per cent of such cost and the entire cost price of land, improvements and building materials in excess of six thousand dollars; (c) that the cost to the Director of the livestock and farm equipment shall not exceed twelve hundred dollars or the amount by which six thousand dollars exceeds the cost to the Director of the land, improvements and building materials, whichever is less; (d) that the sale price to a veteran of land, improvements, building materials, livestock and farm equipment shall be, in addition to any sum paid by the veteran before contract made, a sum equal to two-thirds of the cost to the Director of the land, improvements and building materials; (e) that the interest rate payable by a veteran shall be three and one-half per cent per annum; (f) that the balance of the purchase price payable by a veteran may be extended over a term not in excess of thirty years with interest at the rate aforesaid on the amortization plan; and (g) that, at the request of the veteran, and at any time and from time to time during the period over which the purchase price is payable, the Director may vary the terms of payment to provide for payment of interest only for a period or periods not exceeding in the aggregate five years, or to provide for annual, semi-annual or monthly payments of principal and interest, but a maximum repayment period of thirty years may not be exceeded. Commercial fishing equipment (2) In this Part, except in subsection (3) of this section, the expression livestock and farm equipment , in the case of a veteran certified by the Director to be a commercial fisherman, includes commercial fishing equipment. Contract with veteran (3) In lieu of the contract for sale described in subsection (1) and subject to this Part and the regulations, the Director may contract with a veteran certified by him to be qualified to participate in the benefits of this Part for the sale to such veteran of land and improvements thereon, building materials, livestock and farm equipment, up to a total cost to the Director of five thousand eight hundred dollars, but subject to the following conditions: (a) that the cost to the Director of livestock and farm equipment shall not exceed the sum of three thousand dollars; (b) that the cost to the Director of land and improvements and building materials shall not exceed an amount by which the sum of five thousand eight hundred dollars exceeds the cost to the Director of livestock and farm equipment; (c) that the veteran has paid to the Director twenty per cent of the cost to the Director of the livestock and farm equipment and ten per cent of the cost to the Director of the land, improvements thereon and building materials; (d) that the sale price to a veteran of land, improvements and building materials and livestock and farm equipment, shall be, in addition to any sum paid by the veteran before contract made, a sum equal to forty per cent of the cost to the Director of the livestock and farm equipment and fifty per cent of the cost to the Director of land, improvements thereon and building materials; (e) that the interest rate payable by a veteran shall be three and one-half per cent per annum; (f) that the balance of the purchase price payable by a veteran may be extended over a term not in excess of ten years for the payment of livestock and farm equipment and not in excess of thirty years for the payment of lan