75.17 - Mortgage loans.

§ 75.17 Mortgage loans.    (a) Any company formed under this article may, subject to the approval  of  the  commissioner,  borrow  funds  from  the  New York state housing  finance agency and secure the repayment thereof  by  bond  or  note  and  mortgage  which shall contain such terms and conditions as may be deemed  necessary or desirable by the New York state housing finance  agency  or  required  by  any  agreement  between the New York state housing finance  agency and the holders of its notes  and  bonds  with  respect  to  such  companies, including the right to assignment of rates and fees and entry  into  possession  in case of default, but the operation of such project,  in the event of such entry, shall be subject to regulations  promulgated  by the commissioner.    (b)  The  New York state housing finance agency may make a contract to  make loans to companies not to exceed the total project cost.  Any  such  loan  shall  be  secured  by  a  first  mortgage  lien upon all the real  property and improvements of which the project  consists  and  upon  all  fixtures  and  articles  of  personal  property  attached  to or used in  connection   with   the   construction,   acquisition,   reconstruction,  rehabilitation, improvement, or operation of the project.    (c) Any inconsistent provision of law to the contrary notwithstanding,  mortgages of a company shall be exempt from the mortgage recording taxes  imposed by article eleven of the tax law.