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53 chapters · 855 sections in this title.
2 CMC § 40304 Authorization to Acquire Mortgage Loans
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Authorization to Acquire Mortgage Loans. NMHC may contract to acquire and may acquire a mortgage loan or loans made by a bank, or other financial institution, to a seller who has entered a lease-to-own contract with an eligible tenant-purchaser for the property which is the subje…
2 CMC § 40305 Lease-to-Own Contract
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Lease-to-Own Contract. NMHC is empowered to purchase or build, as well as incur debt to achieve same, residences which NMHC would own and lease under the program established herein. (a) The lease-to-own contract shall contain: (1) A lease of the residence, or in the case of coope…
2 CMC § 40306 Tenant-Purchaser Escrow Account
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Tenant-Purchaser Escrow Account. (a) The mortgage loan documents with respect to a mortgage loan acquired by NMHC pursuant to this chapter shall provide that there shall be retained as additional security for the mortgage loan an amount not less than ten percent of the purchase p…
2 CMC § 40307 Closing of Transfer of Title
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Closing of Transfer of Title. (a) Disbursement of Escrow Account. At the closing of the transfer of title to the residence to the tenant-purchaser to the lease-to-own contract, NMHC shall disburse the escrow amount to or for the account of the tenant-purchaser. (b) Insurance. At …
