15.3.1.070 Mortgage of Leasehold Interests Prohibited Without Lease

(a) Notwithstanding any provision to the contrary contained in this Act or in any Mortgage document, no Borrower may mortgage a Leasehold Interest without first:

(1) Obtaining a valid Lease for such property in the manner and form prescribed by the Authority; and

(2) Obtaining the prior written consent of the Authority to mortgage the Leasehold Interest.

(b)

(c) The SIHA's residential lease form may allow a Lessee to mortgage the leasehold for the purchase, construction, rehabilitation, or refinancing for residential purposes without further SIHA consent .

(d) Any Mortgage given in violation of this Section shall be void and of no effect.