§ 42-34-8. Permission to lease or rent property after default.
When a local development corporation or project owner does not meet mortgage payments insured by the authority by reason of vacancy of its industrial and/or recreational project, the authority, for the purpose of maintaining income from industrial and/or recreational projects on which mortgage payments have been insured by the authority and for the purpose of safeguarding the mortgage insurance fund, may grant the local development corporation or project owner permission to lease or rent the property to a tenant for a use other than that specified in § 42-34-6(3), such lease or rental to be subject to such conditions as the authority may prescribe. The foregoing provisions shall be in addition to any other provisions contained in this chapter empowering the authority to act in the event of a default.
History of Section.P.L. 1958, ch. 91, § 9; P.L. 1975, ch. 170, § 7; P.L. 1977, ch. 78, § 7; P.L. 1986, ch. 245, § 2; P.L. 1987, ch. 537, § 3.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-34 - Industrial-Recreational Building Authority
Section 42-34-1. - Creation of authority.
Section 42-34-3. - Credit of state pledged.
Section 42-34-4. - Organization of authority.
Section 42-34-6. - Definitions.
Section 42-34-8. - Permission to lease or rent property after default.
Section 42-34-9. - Mortgage insurance fund: Subrogation.
Section 42-34-10. - Insurance of mortgages.
Section 42-34-11. - Mortgage insurance premiums.
Section 42-34-12. - Authority’s expenses.
Section 42-34-13. - Mortgages eligible for investment.
Section 42-34-14. - Record of accounts.
Section 42-34-15. - Additions to mortgage insurance fund.
Section 42-34-15.1. - Agreement of state.
Section 42-34-16. - Interest of members of authority.