100.510. Contracts with federal government, provisions for conveyance of project and land to federal government--authorized, reconveyance when. - Missouri Statutes

Contracts with federal government, provisions for conveyance ofproject and land to federal government--authorized, reconveyancewhen.

100.510. 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 projectand land therein to which such contract relates which is owned bythe authority, upon the occurrence of a substantial default, asdefined in such contract, with respect to the covenants orconditions to which the authority is subject; such contract mayfurther provide that in case of such conveyance, the federalgovernment may complete, operate, manage, lease, convey orotherwise deal with the project in accordance with the terms ofsuch contract; provided, that the contract requires that, as soonas practicable after the federal government is satisfied that alldefaults with respect to the project have been cured and that theproject will thereafter be operated in accordance with the termsof the contract, the federal government shall reconvey to theauthority the project as then constituted.

(L. 1967 p. 172 § 22)