15 AAC 118.070. Primary documents between applicant and operator

(a) No agreement, contract or any other document which is a component part of the underlying documents to an applicant's bond issue, or for which authority verification or approval is required, may be modified or partially or wholly assigned without the authority's written approval of the terms of the modification or of the assignment and the assignee.

(b) An applicant is considered the operator of the medical facility or proposed medical facility under this chapter. However, should the operator or proposed operator be other than the applicant, the applicant and operator or proposed operator, by whatever designation called, must submit to the authority for its approval the lease, operation contract, management contract or other primary documents defining the relationship between the applicant and the operator or proposed operator.

(c) The lease, operation contract, management contract or other primary documents between the applicant and operator or proposed operator if other than the applicant, must contain clauses granting to the authority and its assignees the same remedies upon default granted to the applicant and disallowing the removal of improvements during the default period. Should this clause be omitted from the lease, operation contract, management contract or other primary agreement between the applicant and operator or proposed operator, it shall be considered to be inferentially part of that lease or contract and shall be added by amendment by the applicant and operator. If they fail to amend the lease or contract within a reasonable time, the authority may so amend the appropriate documents on behalf of the applicant and operator or proposed operator.

(d) The applicant and operator may not assign or modify the lease, operation contract, management contract or other primary agreement without the prior approval of the authority.

History: Eff. 9/28/79, Register 71

Authority: AS 18.26.050 (4)

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