New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT
Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND
Section 12.21.3.16 - PROPERTY OWNER'S COLLATERAL SECURITY INTEREST
Universal Citation: 12 NM Admin Code 12.21.3.16
Current through Register Vol. 35, No. 18, September 24, 2024
A. The sufficiency of the collateral security interest in a main street property whose repair, rehabilitation or restoration is to be funded with funds from the main street revolving loan fund and lending institution(s) shall be determined by the participating lending institution(s) in accordance with the customary and prudent lending practices.
B. The offer of collateral security in the form of an assignment to the state of New Mexico and the committee, of a first mortgage, second mortgage, or assignment of lease, shall be commensurate with risk and approved by the division in consultation with the lending institution.
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