Sec.32-13-9. Eligibility of property

Latest version.

A mortgage to be eligible for insurance shall be on real estate held (1) in fee simple or (2) on the interest of the lessee under a lease for not less than ninety-nine years having a period of not less than seventy-five years to run from the date the mortgage is executed, and which is renewable, and the building or buildings and improvements thereon shall be completed before issuance of any such insurance.

(Effective November 26, 1968)

                    
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