§ 120.922. Pre-existing debt on the Project Property.
44 words·~1 min read·
/us/cfr/t13/s§ 120.922·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to its share of Project cost, a Third-Party Loan may include consolidation of existing debt on the Project Property. The consolidation must not improve the lien position of the Lender on the pre-existing debt, unless the debt is a previous Third-Party Loan.