§201H-20 - Subordination of mortgage to agreement with government.
[§201H-20] Subordination of mortgage to
agreement with government. The corporation may agree in any mortgage made
by it that the mortgage shall be subordinate to a contract for the supervision
by a governmental agency of the operation and maintenance of the mortgaged
property and the construction of improvements thereon. In that event, any
purchaser or purchasers at a sale of the property of the corporation pursuant
to a foreclosure of the mortgage or any other remedy in connection therewith
shall obtain title subject to the contract. [L 2005, c 196, pt of §20; am L
2006, c 180, §15]