§ 45-27-10 — § 45-27-10. Mortgage of property.

§ 45-27-10. Mortgage of property.

In connection with any project financed in whole or in part or otherwise aided by a government (whether through a donation of money or property, a loan, the insurance or guaranty of a loan, or otherwise), the authority also has power to mortgage all or any part of its property, real or personal, then owned or acquired:

(1) To vest in a government the right, upon the happening of an event of default (as defined in the mortgage), to foreclose the mortgage through judicial proceedings or through the exercise of a power of sale without judicial proceedings, so long as a government is the holder of any of the bonds secured by the mortgage.

(2) To vest in a trustee or trustees the right, upon the happening of an event of default (as defined in the mortgage), to foreclose the mortgage through judicial proceedings or through the exercise of a power of sale without judicial proceedings.

(3) To vest in other obligees the right to foreclose the mortgage by judicial proceedings.

(4) To vest in an obligee, including a government, the right in foreclosing any mortgage, to foreclose the mortgage as to all or part or parts of the property covered by the mortgage as the obligee (in its absolute discretion) elects; the institution, prosecution, and conclusion of foreclosure proceedings, and/or the sale of any parts of the mortgaged property shall not affect, in any manner or to any extent, the lien of the mortgage on the parts of the mortgaged property not included in the proceedings or not sold.

Legislative History

P.L. 1935, ch. 2255, § 16; G.L. 1938, ch. 344, § 16; G.L. 1956, § 45-27-10.