§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]