CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 200 to 291) > SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES (parts 201 to 266) > PART 266—HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS > SUBPART G—Contract Rights and Obligations (§266.600 to §266.658) > 266.620—Termination of Contract of Insurance.

266.620—Termination of Contract of Insurance.

The Contract of Insurance shall terminate if any of the following occurs:
(a) The mortgage is paid in full;
(b) The HFA acquires the mortgaged property and notifies the Commissioner that it will not file an insurance claim;
(c) A party other than HFA acquires the property at a foreclosure sale;
(d) The HFA notifies the Commissioner of Termination of Insurance (voluntary termination);
(e) The HFA or its successors commit fraud or make a material misrepresentation to the Commissioner with respect to information culminating in the Contract of Insurance on the mortgage or while the Contract of Insurance is in existence;
(f) The receipt by the Commissioner of an Application for Final Claims Settlement;
(g) If the HFA acquires the mortgaged property and fails to make an initial claim.