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FEDERAL REGISTER, Friday, September 1, 1939

3791

and improvements upon urban, suburban 1 Obtained a Completion or Instal or rural real property including the lation Certificate signed by the borrower borrowers involved in the transaction restoration, rehabilitation, rebuilding and in the following, or a substantially simi only one signature is required on the Completion Certificate or Authorization replacement of such improvements which lar, form:
Form.
have been damaged or destroyed by Regulation X
earthquake, conflagration, tornado, cy B orrower s C ompletion Certificate clone, flood or other catastrophe.
501.10 Refinancing, a New obli gations to liquidate loans previously re c The proceeds of a loan shall not NOTICE TO BORROWERDo not be used to finance the cost of completing ported for insurance pursuant to Title I
sign this Certificate until the an unfinished structure.
of the Act effective July 1, 1939 which work is satisfactorily completed1
d The proceeds of a Class 1 loan shall may or may not include an additional Dated a t _______ _____________
be used only to finance the cost of alter amount advanced will be covered by in i9__
surance, provided:
ations, repairs and improvements upon I we th e undersigned hereby cer or in connection with existing structures.
tify th at all articles and materials have 1 They meet the requirements of The term existing structure means a been furnished and Installed and the all applicable regulations;
work satisfactorily completed on prem completed building that has or had a 2 Are reported to the Administrator ises a t ------------------------------- in accord distinctive functional use. 1
ance w ith my application for a loan on the proper form within 31 days from e The proceeds of a Class 2 or Class d a t e d ------------------------------- pursuant date of execution;
to th e provisions of T itle I of the Na 3 loan shall not be used to supplement 3 Have a maturity not in excess of tional Housing Act, as amended.
another loan or advance of credit not the maximum permitted under these S ig n a tu re __________ __________
reported for insurance, the payment of Regulations from the date of the origi which is secured by a prior lien created nal obligation;
in connection with the building of such 4 If an additional advance is made, new structure.
1 Insured In stitu tion please note The full unearned charge on the original f The proceeds of a loan shall not wording Notice to borrowerDo n ot sign th is the Certificate u n til th e work is satisfactorily note shall be refunded to the borrower;
be used for the purchase of land.
pleted, m ust be in type size at least 5 If no additional advance is made, g The proceeds of a loan may be com three tim es the size of th e next largest type used to pay for architectural and en appearing on th e form , of Borrowers Com the full unearned charge on the original note shall be refunded to the borrower, gineering services performed in connec pletion Certificate.
except that a handling charge not in tion with eligible alterations, repairs or 2 Obtained a statement signed by excess of $2.00 may be assessed to the improvements financed in accordance the dealer, contractor or applicator in the borrower;
with these Regulations.
following, or a substantially similar, 6 They are evidenced by notes h The proceeds of a loan shall not form:
which meet with the requirements of be used for the purpose of refinancing 501.3 and other applicable Regulations.
existing obligations not priously re ported for insurance pursuant to these b An agreement to defer payments D ealer/ Contractor/ Applicator Regulations.
S tatement on a note previously reported for insur Where any doubt exists as to the ance under these Regulations without eligibility of a transaction which is to be rewriting the note willnot affect the in To T h e _____________________________
financed with an insured loan, the facts surance coverage on the loan provided:
lending in stitu tion o f __ _
of the case should be submitted to the In consideration of your accepting 1 That such agreement is evidenced th e note o f _____________________
_ Administrator for a decision and ruling.
in writing;
Name o f borrower s for $___
dated ----------------- , we I hereby Regulation V ili 2 That payments shall not be de certify th a t all articles and materials ferred for more than five months from 501.8 Effect of prior mortgages in
contracted for have been furnished ard the due date of the last fully-paid in sured or held by the Administrator. If installed and the work fu lly completed, stallment.
th at the signature s on th e note and the applicants Credit Statement-Appli Completion Certificate are genuine, 3 That such agreement shall not cation reveals that the property to be th a t th e Completion or Installation extend the final maturity ,of the obliga improved, altered or repaired with pro Certificate was signed after th e articles tion beyond the maturity date of the and materials contracted for had been ceeds of a loan applied for pursuant to furnished and installed and th e work obligation as provided by its original the terms of Title I of the National Hous fully completed.
terms;
ing Act, as amended, is already the sub S ig n a tu re_________ ___________
4 That if the lending institution ject of a mortgage held by the Adminis Name assesses the borrower for the cost of trator or insured by him under the such deferment, such charge may not be Title provisions of Title II of the National in excess of an equivalent amount of late Housing Act, the loan application shall charges as provided in Section 6, 501.3.
be submitted to the Administrator for A written authorization signed by prior approval only as to credit and as the3borrower Regulation XI
authorizing payment of the to the purpose for which the proceeds proceeds to the person to whom paid, in
501.11
Report of loans. Eligible of the loan applied for are to be used: the following, or a substantially similar, loans shall be reported on the proper Provided, however, That no such ap form:
form to the Federal Housing Administra proval shall be deemed to be hinging tion, Washington, D. C., within 31 days upon the Administrator with respect to from the date of the note, or the date compliance with any other provisions of B orrowers Authorization F orm upon which it was purchased, in order
these Regulations or the eligibility of ---------------------- - 19_
to be covered by the insurance. AH
the proposed alterations, repairs or im 1 we hereby authorize and direct loans refinanced shall likewise be re provements for financing under Title I
-------- ------------------------- finan ported within 31 days, on the proper of the National Housing Act, as amended.
cial institution to pay $------------ of form. In any case, the Administrator the proceeds of my our note dated Regulation IX
may, in his discretion, accept a late ------------- ------------------ , for $________ to report.
501.9 Completion certificateState S ig n a tu re___
ments. a An insured institution may Regulation XII
not disburse the proceeds of a Class 1 or
501.12
Claims, a Claim for re a Class 2 loan to one other than the bor imbursement for loss on a qualified Class rower or to the borrowér and another b For the purpose of this Regula1 or Class 2 loan shall be made as pro jointly until it has first:
tion, if there are two or more eligible vided in this Section.