§ 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.
History of Section.P.L. 1935, ch. 2255, § 21; G.L. 1938, ch. 344, § 21; G.L. 1956, § 45-27-15.
Structure Rhode Island General Laws
Chapter 45-27 - Housing Authority Bonds and Obligations
Section 45-27-1. - Types of bonds issuable — Pledge of revenues — Mortgages.
Section 45-27-2. - Liability on bonds — Statutory limitations inapplicable.
Section 45-27-3. - Authorization, form, and terms of bonds.
Section 45-27-4. - Sale of bonds — Notice.
Section 45-27-5. - Interim certificates and temporary obligations.
Section 45-27-6. - Continuing validity of signatures of officers.
Section 45-27-7. - Repurchase of bonds.
Section 45-27-8. - Negotiability of bonds.
Section 45-27-9. - Terms includible in bonds or obligations.
Section 45-27-10. - Mortgage of property.
Section 45-27-11. - Remedies of obligee.
Section 45-27-12. - Remedies conferrable on obligee by housing authority.
Section 45-27-13. - Remedies cumulative.
Section 45-27-14. - Limitation on remedies against property of authority.
Section 45-27-15. - Subordination of mortgage to government contract.
Section 45-27-16. - Obligations in federal contracts.
Section 45-27-17. - Validation of prior agreements.
Section 45-27-18. - Validation of previous acts.
Section 45-27-19. - Validation of defense housing activities.