§ 75.17 — Mortgage loans

New York § 75.17

• Jurisdiction: New York
• Law MHY: Mental Hygiene
• Title E: General Provisions
• Art. 75: Community Mental Health Services and Developmental Disabilities Services Companies

Text

§ 75.17 Mortgage loans.\n (a) Any company formed under this article may, subject to the approval\nof the commissioner, borrow funds from the New York state housing\nfinance agency and secure the repayment thereof by bond or note and\nmortgage which shall contain such terms and conditions as may be deemed\nnecessary or desirable by the New York state housing finance agency or\nrequired by any agreement between the New York state housing finance\nagency and the holders of its notes and bonds with respect to such\ncompanies, including the right to assignment of rates and fees and entry\ninto possession in case of default, but the operation of such project,\nin the event of such entry, shall be subject to regulations promulgated\nby the commissioner.\n (b) The New York state housing finance agency may make a contract to\nmake loans to companies not to exceed the total project cost. Any such\nloan shall be secured by a first mortgage lien upon all the real\nproperty and improvements of which the project consists and upon all\nfixtures and articles of personal property attached to or used in\nconnection with the construction, acquisition, reconstruction,\nrehabilitation, improvement, or operation of the project.\n (c) Any inconsistent provision of law to the contrary notwithstanding,\nmortgages of a company shall be exempt from the mortgage recording taxes\nimposed by article eleven of the tax law.\n