Sec. 05.06.02.08. Superior Mortgagee's Agreement

Latest version.

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.

                    
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