242.6—Property requirements.
The mortgage, to be eligible for insurance, shall be on property located in a state, as defined in § 242.1. The mortgage shall cover real estate in which the mortgagor has one of the following interests:
(b)
A lease for not less than 99 years that is renewable; or
(c)
A lease having a term of not less than 50 years to run from the date the mortgage is executed.