Notwithstanding anything contained in Rules 502 and 503 a Council may grant an advance to an officer or servant who does not possess full proprietary rights in the land upon which he intends to build, if it is satisfied that such officer or servant has a lease of which the unexpired portion is of a term and value sufficient to justify the granting of the advance and that there is no danger that the lease shall lapse or that the Council will be unable to dispose of it in case it becomes necessary to foreclose the mortgage.
