§356D-19 - Subordination of mortgage to agreement with government.
[§356D-19] Subordination of mortgage toagreement with government. The authority may agree in any mortgage made byit that the mortgage shall be subordinate to a contract for the supervision bya government agency of the operation and maintenance of the mortgaged propertyand the construction of improvements thereon. In that event, any purchaser orpurchasers at a sale of the property of the authority pursuant to a foreclosureof the mortgage or any other remedy in connection therewith shall obtain titlesubject to the contract. [L 2006, c 180, pt of §2]