§ 200.53. Initial operating funds.
92 words·~1 min read·
/us/cfr/t24/s§ 200.53·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgagor shall deposit cash with the mortgagee, or in a depository satisfactory to the mortgagee and under control of the mortgagee, in accordance with terms, conditions and standards established by the Commissioner for:
(a)Accruals for taxes, ground rates, mortgage insurance premiums, and property insurance premiums, during the course of construction;
(b)Meeting the cost of equipping and renting the project subsequent to its completion in whole or part; and
(c)Allocation by the mortgagee for assessments required by the terms of the mortgage in an amount acceptable to the Commissioner.