Tenn. Comp. R. & Regs. 0775-01-.05
The Board of Directors, by Resolution, may waive or vary particular provisions of these Rules and Regulations (a) to conform to the requirements of the Federal government in connection with any housing development or housing unit with respect to which Federal Assistance is sought, or, (b) due to exceptional circumstances if, in the determination of the board of Directors, the application thereof to a specific case or under an emergency situation may, result in undue hardship. No variance in these Rules and Regulations may be more restrictive in application to outstanding contracts of THRC mortgage insurance than the in question in effect at the time such insurance contract became effective.
Tenn. Comp. R. & Regs. 0775-01-.05
Authority T.C.A. Section 1:3-2204(4).