(a) The purchaser shall have the option to purchase the premises for cash or by a promissory note secured by a first priority mortgage on the premises.
(b) The Executive Director of the Virgin Islands Housing Finance Authority may insert in the deed customary provisions which he deems advisable, but every deed shall prohibit the lease, sublease, sale or transfer by gift, or otherwise, of the emergency housing unit for a period of 20 years from the date of the delivery of the deed without the prior written consent of the Executive Director of the Virgin Islands Housing Finance Authority. The restraints upon alienation contained in this subsection shall not be construed to apply to a devise or other transfer by operation of law brought about by reason of the death of the purchaser.
(c) The first priority mortgage shall contain such provisions as the Executive Director of the Virgin Islands Housing Finance Authority deems necessary to protect the interests of the Government and shall contain the following minimum provisions:
(1) A provision permitting payment of the balance due under the mortgage in equal monthly installments over a period not to exceed 20 years; and
(2) A provision requiring the purchaser to pay interest at 4 percent per annum on the unpaid balance due under the mortgage; and
(3) A provision requiring the purchaser to secure and assign to the Government of the United States Virgin Islands insurance against fire and windstorm in an amount equal to the original amount of the mortgage; and
(4) A provision requiring the purchaser to maintain the premises in good repair; and
(5) A provision requiring the purchaser to covenant against committing waste on the premises; and
(6) A provision requiring the purchaser to covenant against permitting liens to attach to the premises; and
(7) A provision permitting the Government of the United States Virgin Islands to enter and inspect the premises at all reasonable times but only for the purpose of insuring compliance with the terms of the mortgage; and
(8) A provision permitting the Executive Director of the Virgin Islands Housing Finance Authority, with the approval of the Governor, to declare a moratorium of up to 3 months in payment due under the lease; and
(9) A provision allowing prepayment of installments without penalty.