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·Title 45 Towns and cities·Ch. 45-27 Housing Authority Bonds and Obligations

§ 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.

Rhode Island § 45-27-15 (§ 45-27-15. Subordination of mortgage to government contract.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.