South Dakota § 11-7-71 Receivership remedy preserved for obligee on housing project--Acquisition of redevelopment property on default by purchaser or lessee.

South Dakota Statutes

§ 11-7-71 — Receivership remedy preserved for obligee on housing project--Acquisition of redevelopment property on default by purchaser or lessee.

South Dakota·Title 11 PLANNING, ZONING AND HOUSING PROGRAMS·Ch. 11-7 COUNTY AND MUNICIPAL HOUSING AND REDEVELOPMENT

Nothing contained in §§ 11-7-1 to 11-7-70 , inclusive, shall be construed as limiting the power of a commission:

(1)With respect to a housing project, to vest in an obligee the right, in the event of a default by the commission, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by said sections; or (2) With respect to a redevelopment project, in the event of a default by a purchaser or lessee of land, to acquire the property and operate, sell, or lease it free from such restrictions.

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Nothing contained in §§ 11-7-1 to 11-7-70 , inclusive, shall be construed as limiting the power of a commission: (1) With respect to a housing project, to vest in an obligee the right, in the event of a default by the commission, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by said sections; or (2) With respect to a redevelopment project, in the event of a default by a purchaser or lessee of land, to acquire the property and operate, sell, or lease it free from such restrictions.

South Dakota § 11-7-71 (Receivership remedy preserved for obligee on housing project--Acquisition of redevelopment property on default by purchaser or lessee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.