24 C.F.R. § 241.1235 Cross default.
Title 24 - Housing and Urban Development
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.
Title 24: Housing and Urban Development
PART 241—SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES
Subpart F—Insurance for Equity Loans and Acquisition Loans—Contract Rights and Obligations
§ 241.1235 Cross default.
