§ 122 — Transfer of title or foreclosure of project

New York § 122

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 5: Redevelopment Companies

Text

§ 122. Transfer of title or foreclosure of project. 1. Until the\ntermination of the tax exemption, whether by expiration or by any other\ncause, a redevelopment company, heretofore or hereafter organized, shall\nnot have power to sell the real property constituting the project or any\nportion or portions thereof without the consent of the local legislative\nbody.\n 2. If an action be brought to foreclose a mortgage or tax lien upon a\nredevelopment project, heretofore or hereafter authorized pursuant to\nthis article, and the real property constituting the project shall be\nacquired at the foreclosure sale or from the mortgagee or lienor that\nhad acquired the property of such sale, or by a conveyance in lieu of\nsuch sale, by a redevelopment company organized pursuant to this\narticle, or by the federal government or an instrumentality thereof, or\nby a corporation which is, or by agreement has become subject to the\nsupervision of the superintendent of financial services, such successor\nin interest shall acquire such project subject to all provisions of the\ncontract regulating such project and shall be entitled to all of the\nbenefits contained in such contract. In all other cases of sale at\nforeclosure or forced sale, the real property constituting the project\nor any portion or portions thereof shall be sold free of all\nrestrictions, except such covenants running with the land as may be\ncontained in the contract regulating the project, or in the deed, if\nany, given by the municipality to the redevelopment company affecting\nall or any portion of the real property upon which the project is\nsituated, and the tax exemption, if any, theretofore granted to such\nproject pursuant to such contract shall immediately terminate.\n