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3490

FEDERAL REGISTER, Tuesday, August 1, 1939

recording expenses, and cost of surveys and contour maps.! Sec. n , par. 23
532.5 M a t u r i t y . The mortgage shall have a maturity satisfactory to the Administrator, depending upon the risk involved and the general character of the project, andshall contain complete amortization or sinking-fund provisions satisfactory to the Administrator.!
Sec. II, par. 2
532.6 Payment requirements. The mortgage shall provide for periodic pay ments by the mortgagor to the mortgagee on account of interest, principal, and mortgage insurance, not less frequently than every three 3 months.t Sec.
II, par. 4
532.7 Interest rate. The mortgage shall bear interest at such rate, not ex ceeding four and one-half per centum 4V2% per annum, as may be agreed upon between the mortgagor and the mortgagee. All charges made in connec tion with the mortgage transaction shall be subject to the approval of the Admin istrator. t Sec. n , par. 5
532.8 R e l e a s e provisions. The mortgage shall cover the entire property included in the housing project. Where the project consists principally of single family houses the mortgage may include appropriate provisions for the release from the lien thereof of any such house and the land upon which it is located in consideration of the payment to the mortgagee, in reduction of the principal of the mortgage, of an amount set forth in a schedule attached to and forming part of said mortgage. Such mortgages shall provide that the released property be subject to deed restrictions, approved by the Administrator at the time of the insurance of the mortgage and providing to the properties remaining under the mortgage adequate protection against adverse influences. Where the mortgage does not contain such release provisions no property shall, except with the con sent of the mortgagee and the Admin istrator, be released from the lien there of so long as the mortgage insurance is in force.! Sec. n , par. 61
532.9 Covenant against liens. The mortgage, except in the case of Public Housing projects, shall contain a cove nant against the creation by the mort gagor of liens against the property infe rior to the lien of the mortgage.! Sec.
n , par. 71
532.10 Covenants for fire insurance.
The mortgage shall contain a covenant binding the mortgagor to keep the prem ises insured against fire and such other hazards as the Administrator may stipu late, in companies and in amounts satis factory to the Administrator. The poli cies evidencing such insurance shall have attached standard f o r m mortgagee clause making loss, if any, payable to the mortgagee, and the Administrator, as interest may appear.! Sec. II, par. 81
532.11 Soundness of property. No mortgage shall be accepted for insurance unless the Administrator finds that the
property or project with respect to which the mortgage is executed is economically sound.! Sec. II, par. 91
532.12 Provisions for accumulation of next premium. The mortgage shall provide for payments by the mortgagor to the mortgagee on each interest pay ment date of an amount sufficient to ac cumulate in the hands of the mortgagee one payment period prior to its due date, the next annual mortgage insurance premium payable by the mortgagee to the Administrator. Such payments shall continue only so long as tjhe contract of mortgage insurance shall remain in effect. The mortgage shall provide that upon the payment of the mortgage be fore maturity, the mortgagor shall pay the adjusted premium charge referred to in Section 533.3.! Sec. n , par. 101
532.13 Application of payments. All periodic payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor upon each periodic payment date in a single payment. The mortga gee shall apply the same to the follow ing items in the order set forth:
a Premium charges under the con tract of insurance;
b At its discretion, to any sums due under the terms of the mortgage or the credit instrument which it secures.
Any deficiency in the amount of any such aggregate periodic payment shall constitute an event of default under the mortgage.! Sec. II, par. 11
532.14 Prevailing wage require ments. No advance under any mortgage insured pursuant to the provisions of Section 207 of the National Housing Act, as amended, shall be eligible for insur ance unless there is filed with the appli cation for such advance a certificate or certificates in the form required by the Administrator certifying th at the labor ers and mechanics employed in the con struction of the dwelling or dwellings or the housing project involved have been paid not less than the wages prevailing in the locality in which the work was performed for the corresponding classes of laborers and mechanics employed on construction of a similar character, as determined by the Secretary of Labor prior to the beginning of construction and after the date of the filing of appli cation for insurance. Hiis section shall be effective only as to mortgages upon which an application for mortgage in surance is filed after June 3, 1939.!
Sec. II, par. 123
Eligible Mortgagors 532.15 Classification of mortgagors a Private mortgagors. A private cor poration, association, cooperative society which is a legal agent of the owner-occu pants, or trust sometimes referred to in these Rules and Regulations as mort gagor, corporation, or mortgagor corporation , formed or created with the approval of the Administrator, for the purpose of 1 rehabilitating slum or
blighted areas, or 2 providing housing for rent or sale, and possessing powers necessary therefor and incidental thereto which corporation, association, coopera tive society, or trust, until the termina tion of all obligations of the Administra tor under such insurance, is regulated or restricted by the Administrator as to rents or sales, charges, capital structure, rate of return, and methods of operation!
Such regulation or restriction shall re main in effect until such time as the mortgage insurance contract terminates without obligation upon the Administra tor to issue debentures as a result of such termination. So long as such contract of insurance is in effect, the corporation, association, cooperative society, or trust shall engage in no business other than the construction and operation of a Rental Housing project or projects; or b Public mortgagors. A Federal or State instrumentality, a municipal cor porate instrumentality of one or more States, or a limited dividend corporation formed under and restricted by Federal or State housing laws as to rents, charges, capital structure, rate of return, or methods of operation projects of such mortgagors are herein sometimes referred to as Public Housing projects.!
Sec. m , par. 13
532.16 Definition of term slum or blighted area. The term slum or blighted area means any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty ar rangement or design, lack of ventilation, light or sanitation facilities, or any com bination of these factors, are detrimental to safety, health or morals.! Sec. in, par. 23
Supervision of Mortgagors 532.17 - In general. In the case of an eligible mortgagor described in Section 532.15 b, the Administrator is not re quired under the Act to regulate or re strict the mortgagor. Such mortgagor, however, must have initial funds which may be considered in lieu of the equity required of other mortgagors. Such funds which may be in the form of government loans, grants or subsidies, or in other form if sufficient in amount will be considered satisfactory provided they do not create a lien against the property prior to th at of the insured mortgage. Liens inferior to the lien of the insured mortgage may be allowed against properties of such mortgagors.
Supervision of other mortgagors is required by the provision of Section 207
of the Act that such mortgagors shall be regulated or restricted by the Admin istrator. In the case of a project in volving a mortgage in excess of $200,000
such regulation or restriction will be set forth in the certificate of incorporation or other instrument under which the mortgagor is created hereinafter re ferred to as the charter and will be made effective through the issuance of certain shares of special stock or other evidence of a beneficial interest in the mortgagor which stock or interest will