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e-CFR data is current as of July 1, 2020

Title 24Subtitle BChapter IISubchapter BPart 241Subpart F → §241.1220


Title 24: Housing and Urban Development
PART 241—SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES
Subpart F—Insurance for Equity Loans and Acquisition Loans—Contract Rights and Obligations


§241.1220   Termination of insurance benefits.

All of the provisions of §207.253a of this chapter apply to subpart F of this part, except that the following shall also constitute grounds for terminating the contract of insurance:

(a) The failure of the lender to notify the Commissioner in a timely manner of a foreclosure action initiated by the holder of the senior insured mortgage; and

(b) The failure of the lender when directed by the Commissioner to assign the equity or acquisition loan or bid an amount necessary to acquire title to the project and convey the project to the Commissioner, in accordance with §241.1210.

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