Required clause in loan documents
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
Where the financing is not otherwise coordinated with another State governmental agency, the mortgage, multi-party agreement, division's letter approving the refinance, other security agreements, reserve agreements, and assignment of leases must contain a clause containing the following or substantially similar language:
"Nothing in this document, or any other document executed in connection with this refinance transaction, has the effect of diminishing or otherwise modifying the authority of the Commissioner of the Division of Housing and Community Renewal to supervise the borrower under article II of the Private Housing Finance Law and regulations promulgated there under except to the extent expressly set forth in a multi-party agreement or approval letter issued by the division."