§201H-20 - Subordination of mortgage to agreement with government.
[§201H-20] Subordination of mortgage toagreement with government. The corporation may agree in any mortgage madeby it that the mortgage shall be subordinate to a contract for the supervisionby a governmental agency of the operation and maintenance of the mortgagedproperty and the construction of improvements thereon. In that event, anypurchaser or purchasers at a sale of the property of the corporation pursuantto a foreclosure of the mortgage or any other remedy in connection therewithshall obtain title subject to the contract. [L 2005, c 196, pt of §20; am L2006, c 180, §15]