(65 ILCS 5/11-12.1-3) (from Ch. 24, par. 11-12.1-3)
Sec. 11-12.1-3.
All loans purchased hereunder shall be to owners of real
property in areas affected by a Conservation Plan approved by the
municipality pursuant to the above named Acts, shall be conditioned upon
full compliance by such owners with the terms and provisions of such
approved Conservation Plan and shall be secured by a first mortgage note or
notes and lien upon such real property, which mortgage shall be insured by
the Federal Housing Commissioner of the United States of America against
loss in accordance with the provisions of the National Housing Act of the
United States in force at the time of the making of such loan.
(Source: Laws 1961, p. 3702.)
|