§ 2858. Loans. 1. Any nursing home company formed under this article\nmay, subject to the approval of the commissioner, borrow funds from the\nNew York state housing finance agency or the New York state medical care\nfacilities finance agency, as the case may be, and the repayment thereof\nmay be secured by bond or note and mortgage or other agreement which\nshall contain such terms and conditions as may be deemed necessary or\ndesirable by the New York state housing finance agency or the New York\nstate medical care facilities finance agency, as the case may be, or\nrequired by any agreement between the New York state housing finance\nagency or the New York state medical care facilities finance agency, as\nthe case may be, and the holders of its notes and bonds with respect to\nnursing
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§ 2858. Loans. 1. Any nursing home company formed under this article\nmay, subject to the approval of the commissioner, borrow funds from the\nNew York state housing finance agency or the New York state medical care\nfacilities finance agency, as the case may be, and the repayment thereof\nmay be secured by bond or note and mortgage or other agreement which\nshall contain such terms and conditions as may be deemed necessary or\ndesirable by the New York state housing finance agency or the New York\nstate medical care facilities finance agency, as the case may be, or\nrequired by any agreement between the New York state housing finance\nagency or the New York state medical care facilities finance agency, as\nthe case may be, and the holders of its notes and bonds with respect to\nnursing home companies, including the right to assignment of rates and\ncharges and entry into possession in case of default, but the operation\nof such project, in the event of such entry, shall be subject to\nregulations promulgated by the commissioner.\n 2. The New York state housing finance agency or the New York state\nmedical care facilities finance agency, as the case may be, may make a\ncontract to make loans to non-profit nursing home companies not to\nexceed the total project cost and to limited-profit nursing home\ncompanies not to exceed ninety-five per centum of the total project\ncost. Any loan which constitutes a mortgage loan as defined in the New\nYork state medical care facilities finance agency act shall be secured\nby a first mortgage lien upon all the real property and improvements of\nwhich the project consists and upon all fixtures and articles of\npersonal property attached to or used in connection with the operation\nof the project. Notwithstanding the foregoing provisions of this\nsubdivision or any other provision of this article to the contrary, any\npersonal property may be excluded from the lien of the mortgage securing\nsuch a mortgage loan provided (a) the commissioner finds that such\nproperty is not essential for the nursing home project as such term is\ndefined in this article, and (b) the New York State housing finance\nagency or the New York state medical care facilities finance agency, as\nthe case may be, consents to such exclusion.\n 3. Any inconsistent provision of law to the contrary notwithstanding,\nmortgages of a nursing home company shall be exempt from the mortgage\nrecording taxes imposed by article eleven of the tax law.\n