§ 45-27-15 - Subordination of mortgage to government contract. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-27 > 45-27-15

SECTION 45-27-15

§ 45-27-15 Subordination of mortgage togovernment contract. – The authority may agree in any mortgage made by it that the mortgage issubordinate to a contract for the supervision by a government of the operationand maintenance of the mortgaged property and the construction of improvementson it. In that event, any purchaser or purchasers at a sale of the property ofan authority, pursuant to a foreclosure of the mortgage or any other remedy inconnection with it, obtains title subject to the contract.

State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-27 > 45-27-15

SECTION 45-27-15

§ 45-27-15 Subordination of mortgage togovernment contract. – The authority may agree in any mortgage made by it that the mortgage issubordinate to a contract for the supervision by a government of the operationand maintenance of the mortgaged property and the construction of improvementson it. In that event, any purchaser or purchasers at a sale of the property ofan authority, pursuant to a foreclosure of the mortgage or any other remedy inconnection with it, obtains title subject to the contract.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-27 > 45-27-15

SECTION 45-27-15

§ 45-27-15 Subordination of mortgage togovernment contract. – The authority may agree in any mortgage made by it that the mortgage issubordinate to a contract for the supervision by a government of the operationand maintenance of the mortgaged property and the construction of improvementson it. In that event, any purchaser or purchasers at a sale of the property ofan authority, pursuant to a foreclosure of the mortgage or any other remedy inconnection with it, obtains title subject to the contract.