§ 20. Mortgages, mortgage bonds and notes.
1.Any company, subject to\nthe approval of the commissioner or of the supervising agency, as the\ncase may be, may borrow funds and secure the repayment thereof by bond\nor note and mortgage or by an issue of bonds under a trust indenture.\n 2. Each loan made to a company shall relate to one or more specified\nprojects and shall be secured by a mortgage upon all of the real\nproperty of which the project or projects, to which the loan relates,\nconsists, and upon all fixtures and articles of personal property\nattached to or used in connection with the operation of such project or\nprojects. Such mortgages may contain such other clauses and provisions\nas shall be approved by the commissioner, or the supervising agency, as\nthe case may be, in
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§ 20. Mortgages, mortgage bonds and notes. 1. Any company, subject to\nthe approval of the commissioner or of the supervising agency, as the\ncase may be, may borrow funds and secure the repayment thereof by bond\nor note and mortgage or by an issue of bonds under a trust indenture.\n 2. Each loan made to a company shall relate to one or more specified\nprojects and shall be secured by a mortgage upon all of the real\nproperty of which the project or projects, to which the loan relates,\nconsists, and upon all fixtures and articles of personal property\nattached to or used in connection with the operation of such project or\nprojects. Such mortgages may contain such other clauses and provisions\nas shall be approved by the commissioner, or the supervising agency, as\nthe case may be, including the right to assignment of rents and entry\ninto possession in case of default; but the operation of such project or\nprojects, in the event of such entry by a mortgagee or receiver, except\nin the case of a mortgage loan insured or held by the federal\ngovernment, shall be subject to regulations promulgated by the\ncommissioner or the supervising agency. Provisions for the amortization\nof the mortgage indebtedness and residual indebtedness of companies\nformed under this article shall be subject to the approval of the\ncommissioner or the supervising agency, as the case may be. In the case\nof an instrument or instruments evidencing residual indebtedness issued\npursuant to section twenty-three-a or section forty-four-b of this\nchapter, the principal amount of such instrument or instruments and the\ninterest thereon, if any, shall be repaid over a period of time not\nexceeding the term over which the mortgage loan insured by the federal\ngovernment is to be repaid, plus ten years, which period of time shall\ncommence at such time as the commissioner or the supervising agency\nshall approve, provided, however, that such period of time shall not\nexpire more than fifteen years after the mortgage loan insured by the\nfederal government has been satisfied.\n