4. Loans for potato storage facilities.__A purchaser of a modern storage facility, the purchase of which was financed with a state loan from the Potato Marketing Improvement Fund, established in Title 10, section 1023-N, may receive a loan from the fund, but may not receive__a loan for the same project that was financed by the Potato Marketing Improvement Fund. The commissioner shall adopt rules in accordance with section 437 to implement this subsection.__Subsequent purchasers of the property may assume mortgages obtained from the fund on terms and conditions determined by the commissioner.

§435-C.__Conditions and restrictions on agricultural marketing

loans

Agricultural marketing loans made from the fund under this subchapter are subject to the following restrictions and conditions.

1. Project with total cost in excess of $100,000.__An agricultural marketing loan may not exceed 75% of the project cost when the total project cost exceeds $100,000.__The commissioner may not approve a loan for a project with a total cost in excess of $100,000 unless the loan applicant demonstrates a commitment of private funds of at least 5% of the total cost of the project.

2. Cooperative project with__total cost in excess of $100,000.__ Notwithstanding subsection 1, in order to encourage the undertaking of cooperative projects by 2 or more agricultural enterprises, an agricultural marketing loan may be provided when 2 or more cooperating agricultural enterprises as a group demonstrate a commitment of private funds of at least 5% of the total cost of the project.

3. Project with__total cost of $100,000 or less.__ An agricultural marketing loan may not exceed 90% of the project cost when the total cost of the project is $100,000 or less.

4.__Loans for land purchases for new agricultural enterprises.__ An agricultural marketing loan for the purchase of