§ 200.50. Building loan agreement.
38 words·~1 min read·
/us/cfr/t24/s§ 200.50·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgagor and mortgagee must execute a building loan agreement approved by the Commissioner, that sets forth the terms and conditions under which progress payments may be advanced during construction, before initial endorsement of the mortgage for insurance.