28-7001. Right-of-way purchase; financing
A. If the department elects to enter into a contract or agreement for the purchase of right-of-way and in addition to other methods of acquisition prescribed by law, at the discretion of the property owner, the department may enter into a contract or agreement for the purchase of right-of-way utilizing one or more of the following financing methods:
1. Cash to mortgage purchase agreement.
2. Seller financing.
3. Assumption of existing financing.
4. Lease-purchase agreement.
5. Any other term purchase agreement.
B. A contract or agreement authorized by section 28-7000 or this section shall not contain a financing method that would result in the creation of a debt pursuant to article IX, section 5, Constitution of Arizona.
C. The department may negotiate regarding the terms of purchase and enter into a contract with the property owner regarding the financing and terms of purchase. The contract between the department and the property owner regarding financing and the terms of purchase is binding in the event of condemnation.
Section: Previous 28-6993 28-6995 28-6996 28-6997 28-6998 28-6999 28-7000 28-7001 28-7002 28-7003 28-7004 28-7005 28-7006 28-7007 28-7008 NextLast modified: October 13, 2016