Plain Text Law

Regulation .08 Superior Mortgagee's Agreement.

Regulation .08 Superior Mortgagee's Agreement.Copy Citation

The holder of any superior mortgage on the project shall agree that:
A.
The Fund shall have an opportunity to cure any monetary defaults under the superior mortgage;
B.
Any defaults that the Fund is unable to cure shall be suspended for a reasonable period, if the Fund elects to keep current any payments due under the superior mortgage; and
C.
The superior mortgagee shall notify the Fund of any events of default under the superior mortgage.