99.560. Authority may convey property to federal government in case of default. - Missouri Statutes

Authority may convey property to federal government in case ofdefault.

99.560. In any contract for financial assistance with thefederal government the authority may obligate itself (whichobligation shall be specifically enforceable and shall notconstitute a mortgage, notwithstanding any other laws) to conveyto the federal government possession of or title to the landclearance project and land therein to which such contract relateswhich is owned by the authority, upon the occurrence of asubstantial default (as defined in such contract) with respect tothe covenants or conditions to which the authority is subject;such contract may further provide that in case of suchconveyance, the federal government may complete, operate, manage,lease, convey or otherwise deal with the land clearance projectin accordance with the terms of such contract; provided, that thecontract requires that, as soon as practicable after the federalgovernment is satisfied that all defaults with respect to theland clearance project have been cured and that the landclearance project will thereafter be operated in accordance withthe terms of the contract, the federal government shall reconveyto the authority the land clearance project as then constituted.

(L. 1951 p. 300 § 15)