This article shall be titled "Leasehold Mortgage Regulations."
The purpose of this article is to make available to the Menominee
Tribe and its members who reside on trust land pursuant to a lease
from the Menominee Tribe the same mortgage lending opportunities available
to persons who reside on fee land. This article accomplishes that
purpose by setting up procedures for the orderly recording, prioritizing
and foreclosure of leasehold mortgages given to secure loans.
A leasehold mortgage recorded in accordance with the recording
procedures set forth in this article shall have priority over any
lien not perfected at the time of such recording and any subsequent
lien or claim excepting a lien or claim arising from a tribal leasehold
tax or fee assessed after the recording of the mortgage. Nothing in
this article shall prevent any person or entity from recording a leasehold
mortgage in accordance with state law or from filing a leasehold mortgage
with the Bureau of Indian Affairs.
In order to be eligible for certain loan programs, the Menominee
Indian Tribe may enter into tri-party agreements between the Tribe,
Fannie Mae and lending institutions. The terms of any such tri-party
agreement, which is listed below, shall be incorporated into this
article by reference and the terms of those agreements are enforceable
against the Tribe in Menominee Tribal Court under Article XVIII, Sovereign
Immunity of the Constitution and Bylaws of the Tribe. The Tri-party
agreement between Menominee Indian Tribe, Fannie Mae and Associated
Mortgage, Inc., entered into on or about August 30, 2000, is on file
at the office of the Administrative Manager.