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FEDERAL REGISTER, Tuesday, August 1, 1939

3493

a The term Administrator means able, and calculated in accordance with property a new insured mortgage for an the amortization provisions without tak amount equal to or greater than the the Federal Housing Administrator.
b The term Act means the Na ing into account delinquent payments original face amount of the prepaid mort or prepayments. The premium payable gage; or tional Housing Act, as amended.
c The term mortgage means such on the date on which the first periodic b Where the final maturity specified a first lien upon real estate and other payment of principal becomes due shall in the mortgage is accelerated solely by property as is commonly given to secure be adjusted so as to accord with such reason of partial prepayments made by advances including but not being lim date and so that the aggregate of the the mortgagor which do not exceed in ited to advances during construction premiums paid up to and including the any one calendar year fifteen per centum on, or the unpaid purchase price of, real premium paid on such adjusted payment 15% of the original face amount of the estate under the laws of the State, dis date shall equal the sum of a one per mortgage; or trict or territory in which the real estate centum 1 % of the average outstanding c Where the final maturity specified is located, together with the credit in principal obligation of the mortgage for in the mortgage is accelerated solely by strument or instruments, if any, secured the year following the date on which the reason of payments to principal to com first interim premium became payable pensate for i damage to the mortgaged thereby.
d The term insured mortgage and b one-half of one per centum y2 property, or ii a release of a part of means a mortgage with respect to which of 1 % per annum of the average out such property if approved by the Admin the Administrator has issued an exe standing principal obligation of the istrator; or mortgage for the period from the date cuted contract of insurance.
d Where payment in full is made of e The term mortgagor means the when the second interim premium be a delinquent mortgage on which fore original borrower under a mortgage and came payable down to and including one closure proceedings have been com its successors and such of its assigns as year following the date on which such menced, or for the purpose of avoiding first periodic payment of principal be foreclosure, if the transaction is approved are approved by the Administrator.
f The term mortgagee means the comes due, and calculated in accordance by the Administrator.
original lender under a mortgage, and with the amortization provisions, with Upon such prepayment the contract its successors and assigns, and includes out taking into account delinquent pay the holders of the credit instruments ments or prepayments. The provisions of insurance shall terminate.
The provisions of this section shall not issued under a trust mortgage or deed of of this section shall also apply to mort trust pursuant to which such holders gages insured prior to February 3, 1938, be construed to prohibit the mortgagee act by and through a trustee therein but only in respect to premiums payable from including in the mortgage and col after such date, and no adjustment shall lecting from the mortgagor such charge named.
g The term contract of insurance be made with reispect to any premium for prepayment as may be agreed upon means the written instrument duly exe payable on or before such date. All pre between the mortgagee and mortgagor. f cuted by the Administrator and the miums shall be payable in cash or in de Art. m , par. 2
533.4 Contract of insurance. Upon mortgagee, setting forth the terms, con bentures issued by the Administrator ditions, and provisions of insurance, under Title H of the Act at par plus compliance satisfactory to the Admin istrator with the terms of the commit which terms, conditions, and provisions accrued interest. f Art. in, par 1
533.3 Prepayment premium charges. ment to insure the Administrator and shall be subject to these Regulations.
h The term claim under the con In the event that the principal obliga the mortgagee shall execute the con tract of insurance means the assign tion of any mortgage accepted for insur tract of insurance and the mortgage ment, transfer and delivery to the Ad ance is paid in full prior to maturity, the shall be an insured mortgage from the ministrator of the mortgage or the con mortgagee shall within thirty 30 days effective date of such contract. The veyance to him of the property, as pro thereafter notify the Administrator of Administrator and the mortgagee shall vided in Sections 533.5 to 533.12. t the date of prepayment and shall collect thereafter be bound by the contract of from the mortgagor and pay to the Ad insurance, subject to the provisions of Art. II
ministrator in the case of a mortgage these Regulations which shall form part Premiums prepaid within five years from the date of each such contract.! Art. IV1
533.2 First and second interim pre thereof, an adjusted premium charge of Rights and Duties of a Mortgagee Under miums. The mortgagee, upon delivery of two per centum 2 % of the original the Contract of insurance the contract of insurance, shall pay to face amount of the prepaid mortgage, and in case the mortgage is prepaid after 533.5 Benefits of insurance. The the Administrator a mortgage insurance premium equal to one-half of one per five years from the date thereof, an ad mortgagee shall be entitled to receive centum V2 of 1 % of the original face justed premium charge of one per centum the benefits of the insurance, at its op amount of the mortgage and, upon the 1 % of the original face amount of the tion, either as provided in paragraph a anniversary of such date, shall pay a prepaid mortgage, except that if at the or paragraph b hereunder.
premium in a like sum. Said two pre time of any such prepayment there is a By assignment.If the mortgagor miums shall be known respectively as placed on the mortgaged property a new fails to make any payment due under or insured mortgage in an amount less than the first and second interim premiums.
provided to be paid by the terms of the On the date on which the first periodic the original face amount of the prepaid mortgage and such failure continues for payment of principal is due the mort mortgage, an adjusted premium shall be a period of thirty 30 days, the mort gagee shall pay to the Administrator, paid based upon the difference between gage shall be considered in default, and subject to the adjustment hereinafter such amounts at the rate applicable as the mortgagee shall, within thirty 30
provided, and annually thereafter on above stated, depending upon the date days thereafter, give notice in writing the anniversary of such date until the of prepayment.
In no event shall the adjusted premium to the Administrator of such default.
mortgage is paid in full or claim under exceed the aggregate amount of premium At any time within thirty 30 days the contract of insurance is made or un charges which would have been payable after the date of such notice, the mort til the contract of insurance shall ter gagee shall, in such manner as the Ad minate, an annual mortgage insurance if the mortgage had continued to be in ministrator may require, assign, trans premium equal to one-half of one per sured until maturity.
No adjusted premium shall be collected fer, and deliver to the Administrator centum y2 of 1 % of the average out by the mortgagee in the following cases: without recourse or warranty, except standing principal obligation of the th at the mortgagee must warrant that mortgage for the year following the date a Where at the time of such prepay no act or omission of the mortgagee has on which such premium becomes pay ment there is placed on the mortgaged impaired the validity and priority of the