The Fund requires that either the holder of the first mortgage or the Fund be able to require replacement of the management agent, if either the first mortgagee or the Fund in conjunction with the first mortgagee determines that rent-up or other operation of the project is not progressing satisfactorily.

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)