Connecticut Administrative Code
Title 32 - Commerce and Economic and Community Development
13 - Insuring of Industrial Mortgages
Section 32-13-5 - Accumulation of accruals
Current through March 14, 2024
(a) The mortgage shall provide for payment by the mortgagor to the mortgagee on each interest payment date of an amount sufficient to accumulate in the hands of the mortgagee, one payment period prior to its due date, the next actual mortgage insurance premium payable by the mortgagee to the commission. Such payments shall continue only so long as the contract of insurance shall remain in effect.
(b) The mortgage shall provide for such equal periodic payments by the mortgagor to the mortgagee as will amortize the estimated amount of all taxes, water rates, ground rents and special assessments, if any, and fire and other hazard insurance premiums, within a period ending one period prior to the dates on which the same become delinquent. The mortgage shall further provide that such payments shall be held by the mortgagee, for the purpose of paying such taxes, water rates, ground rents and assessments, and insurance premiums, before the same become delinquent. The mortgage shall also make provision for adjustments, in case the estimated amount of such taxes, water rates, ground rents and assessments, and insurance premiums shall prove to be more or less than the actual amount thereof so paid by the mortgagor.
(Subsec.
