Rhode Island § 45-27-15 § 45-27-15. Subordination of mortgage to government contract.

Rhode Island Statutes

§ 45-27-15 — § 45-27-15. Subordination of mortgage to government contract.

Rhode Island § 45-27-15

Title 45Towns and cities

Ch. 45-27Housing Authority Bonds and Obligations

This text of Rhode Island § 45-27-15 (§ 45-27-15. Subordination of mortgage to government contract.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 45-27-15 (2026).

Text

§ 45-27-15. Subordination of mortgage to government contract.
The authority may agree in any mortgage made by it that the mortgage is subordinate
            to a contract for the supervision by a government of the operation and maintenance
            of the mortgaged property and the construction of improvements on it. In that event,
            any purchaser or purchasers at a sale of the property of an authority, pursuant to
            a foreclosure of the mortgage or any other remedy in connection with it, obtains title
            subject to the contract.
         

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§ 45-27-15. Subordination of mortgage to government contract.

The authority may agree in any mortgage made by it that the mortgage is subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements on it. In that event, any purchaser or purchasers at a sale of the property of an authority, pursuant to a foreclosure of the mortgage or any other remedy in connection with it, obtains title subject to the contract.