Delaware § 4025 Subordination of mortgage to agreement with government

Delaware Statutes

§ 4025 — Subordination of mortgage to agreement with government

Delaware·Title 31·Part Housing and Slum Clearance·Ch. 40 THE DELAWARE STATE HOUSING AUTHORITY·Subch. Delaware State Housing Authority

DSHA may agree in any mortgage made by it that such mortgage shall be subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements thereon. In such event, any purchase or purchasers at a sale of the property of DSHA pursuant to a foreclosure of such mortgage or any other remedy in connection therewith shall obtain title subject to such contract.

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DSHA may agree in any mortgage made by it that such mortgage shall be subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements thereon. In such event, any purchase or purchasers at a sale of the property of DSHA pursuant to a foreclosure of such mortgage or any other remedy in connection therewith shall obtain title subject to such contract.

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