The holder of any superior mortgage on the project shall agree that:

1. A. The Fund shall have an opportunity to cure any monetary defaults under the superior mortgage;
2. B. Any defaults that the Fund is unable to cure shall be suspended for a reasonable period, if the Fund elects to keep current any payments due under the superior mortgage; and
3. C. The superior mortgagee shall notify the Fund of any events of default under the superior mortgage.

Authority: Housing and Community Development Article, §§3-203 and 3-206, Annotated Code of Maryland

Effective date: April 30, 1990 (17:8 Md. R. 976)

Regulation .03A amended effective February 1, 1993 (20:2 Md. R. 111)

Chapter revised effective October 20, 2008 (35:21 Md. R. 1823)