(1) No loan shall be granted under this Decree unless the Board enters into a loan agreement with the borrower.

(2) The borrower shall, in addition to any other terms which the Board considers prudent, undertake a covenant with the Board in the agreement referred to in subsection (1) of this section -

(a) to keep in good repair the property used as security for the loan;

(b) not to assign, mortgage, sublet or otherwise part with the possession of such property or any part thereof without the prior consent in writing of the Board;

(c) to pay the ground rent (if the property is leasehold) at all relevant times and to produce the receipts at the request of the Board;

(d) to pay all property rates and taxes imposed by law in respect of the property in question as well as all outgoings specified by the Board in relation to the property.