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Code · South Dakota · Title 1 · Chapter 1-16

1-16B-46. Terms of loan to local agency--Subordination to other loans.

61 words·~1 min read·/sd/title-1/chapter-1-16/1-16b-46

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Any loan of the authority shall be for the period of time and shall bear interest at the rate determined by the authority and shall be secured by a mortgage on the development project for which the loan was made. The mortgage may be subordinate only to a mortgage held by the independent and responsible sources which financed the development project.
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