first mortgage

(10) Definitions For purposes of this subsection, the following definitions shall apply: (A) Mortgage The term “mortgage” means a first mortgage on real estate that is— (i) owned in fee simple; or (ii) subject to a leasehold interest that— (I) has a term of not less than 99 years and is renewable; or (II) has a remaining term that extends beyond the maturity of the mortgage for a period of not less than 10 years. (B) First mortgage The term “first mortgage” means a single first lien given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instrument, if any, secured thereby. Any other financing permitted on property insured under this section must be expressly subordinate to the insured mortgage. (C) Unit of general local government; State The terms “unit of general local government” and “State” have the same meanings as in section 5302(a) of title 42 .

Source

12 USC § 1715z-22(c)(10)


Scoping language

None identified. Default scope is assumed to be the entire title.
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