204-C:10 Bonds by Certain Mortgagors. –
On all construction loans for the construction or rehabilitation of 11 or more dwelling units, as defined by the authority pursuant to adopted rules, the authority shall require bonds to be furnished by the mortgagor, an equivalent escrow or letter of credit arrangement supervised by the authority, or any other surety sufficient to assure performance by the contractor party to the contracts awarded to carry on such work, and to assure payment out of the construction loan funds for all labor and materials for which claimants would be able to claim a mechanic's lien pursuant to RSA 447.
Source. 1981, 466:2, eff. July 1, 1981. 2019, 116:1, eff. Aug. 20, 2019.