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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 22 - Foreign Relations |
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Chapter II - Agency for International Development |
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Part 241 - Republic of Iraq Loan Guarantees Issued Under the Further Continuing and Security Assistance Appropriations Act of 2017 |
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Subpart F - Insurance for Equity Loans and Acquisition Loans - Contract Rights and Obligations |
§ 241.1235 - Cross default.
Latest version.
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In the event the borrower commits a default under a prior recorded insured mortgage and the holder thereof initiates a foreclosure proceeding, said default under the prior recorded insured mortgage shall constitute a default under the equity or acquisition loan.