9 CRR-NY 1760.7NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL
CHAPTER IV. STATE-ASSISTED HOUSING CONSTRUCTED BY PRIVATE ENTERPRISE
SUBCHAPTER E. DISSOLUTION OF LIMITED-PROFIT AND LIMITED-DIVIDEND HOUSING COMPANIES
PART 1760. REDEVELOPMENT AND REFINANCE
9 CRR-NY 1760.7
9 CRR-NY 1760.7
1760.7 Required clause in loan documents.
Where the financing is not otherwise coordinated with another State governmental agency, the mortgage, multi-party agreement, division's letter approving the refinance, other security agreements, reserve agreements, and assignment of leases must contain a clause containing the following or substantially similar language:
"Nothing in this document, or any other document executed in connection with this refinance transaction, has the effect of diminishing or otherwise modifying the authority of the Commissioner of the Division of Housing and Community Renewal to supervise the borrower under article II of the Private Housing Finance Law and regulations promulgated there under except to the extent expressly set forth in a multi-party agreement or approval letter issued by the division."
9 CRR-NY 1760.7
Current through September 15, 2021
End of Document