Section 11-11-103 - Refinancing or foreclosure of mortgages in default--Modification ofmortgages--Enforcement--Purchase at mortgage sale--Management ofproperty.
11-11-103. Refinancing or foreclosure of mortgages in default--Modification of mortgages--Enforcement--Purchase at mortgage sale--Management of property. The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, to renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default; to waive any default or consent to the modification of the terms of any mortgage; to commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract, or other agreement, and to bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; to operate, manage, lease, dispose of, and otherwise deal with such property, in such manner as may be necessary to protect the interests of the authority and the holders of its bonds, notes, or other obligations.
Source: SL 1973, ch 180, § 12 (22); SDCL Supp, § 28-19-94.