5(1.1)Notwithstanding subsection (1), where there have not been paid to the Board all amounts which, under the terms of the applicant’s loan or loans from the Board, fell due to the Board on account of principal and interest repayment between March 31, 1984 and the date on which the rebate of interest is granted, the Board may, where it has granted approval in principle to an application under subsection 3(1), grant a rebate of interest to an applicant if such amounts are paid by the applicant in accordance with the terms and conditions set by the Board.