§356D-19 - Subordination of mortgage to agreement with government.
[§356D-19] Subordination of mortgage to agreement with government. The authority may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a government 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 authority pursuant to a foreclosure of the mortgage or any other remedy in connection therewith shall obtain title subject to the contract. [L 2006, c 180, pt of §2]