§ 410-G — Mortgage loans

§ 410-g. Mortgage loans. 1. Any eligible borrower may, subject to\nthe approval of the commissioner, borrow funds from the agency and\nsecure the repayment thereof by bond or note and mortgage which shall\ncontain such terms and conditions as may be deemed necessary or\ndesirable by the agency or required by any agreement between the agency\nand the holders of its notes and bonds, including the right to\nassignment of rates and charges and entry into possession in case of\ndefault, but the operation of such project, in the event of such entry,\nshall be subject to the regulations of the commissioner.\n 2. The agency may make contracts to make loans to an eligible\nborrower in an amount 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 may be\nsecured by such a lien upon other real property owned by the eligible\nborrower, and upon all fixtures and articles of personal property\nattached to or used in connection with the operation of the project.\n 3. Any inconsistent provision of law to the contrary notwithstanding,\nmortgages of an eligible borrower shall be exempt from the mortgage\nrecording taxes imposed by article eleven of the tax law.\n