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Title 24: Housing and Urban Development
§235.1212 Mortgage provisions.
(a) Mortgage form. (1) The term mortgage as used in this part has the same meaning as defined in either §203.17(a)(1) of this chapter, §203.43c(b)(1) of this chapter, or §234.1(d) of this chapter, as applicable, and may refer both to a security instrument creating a lien, whether called a mortgage, deed of trusts, security deed or other term common in a jurisdiction, as well as the credit instrument, or note, secured thereby.
(2) The mortgage shall be in a form meeting the requirements of the Commissioner. For each case in which the Commissioner does not prescribe complete mortgage instruments, the Commissioner shall require specific language in the mortgage which shall be uniform for every mortgage, and may also prescribe the language or substance of additional provisions for all mortgages as well as the language or substance of additional provisions for use only in particular jurisdictions or for particular programs. Each mortgage shall also contain any provisions necessary to create a valid and enforceable secured debt under the laws of the jurisdiction in which the property is located.
(b) Mortgage multiples. The mortgage shall involve a principal obligation in multiples of $50.
(c) Payments. The mortgage shall:
(1) Come due on the first of the month.
(2) Contain complete amortization provisions satisfactory to the Secretary and an amortization period not in excess of the term of the mortgage.
(d) Maturity. The mortgage shall provide for complete amortization not to exceed 30 years from the date of the beginning of amortization of the mortgage.
(e) Property standards. The mortgage must be a first lien upon the property that conforms with property standards prescribed by the Commissioner.
(f) Disbursement. The entire principal amount of the mortgage must have been disbursed to the mortgagor or to his or her creditors for his or her account and with his or her consent.
[41 FR 1172, Jan. 6, 1976, as amended at 45 FR 29278, May 2, 1980; 48 FR 12085, Mar. 23, 1983; 49 FR 21320, May 21, 1984; 53 FR 34284, Sept. 6, 1988. Redesignated at 60 FR 56500, Nov. 8, 1995]