§ 42-34-8 - Permission to lease or rent property after default. - Rhode Island Statutes

SECTION 42-34-8

   § 42-34-8  Permission to lease or rentproperty after default. – When a local development corporation or project owner does not meet mortgagepayments insured by the authority by reason of vacancy of its industrial and/orrecreational project, the authority, for the purpose of maintaining income fromindustrial and/or recreational projects on which mortgage payments have beeninsured by the authority and for the purpose of safeguarding the mortgageinsurance fund, may grant the local development corporation or project ownerpermission to lease or rent the property to a tenant for a use other than thatspecified in § 42-34-6(3), such lease or rental to be subject to suchconditions as the authority may prescribe. The foregoing provisions shall be inaddition to any other provisions contained in this chapter empowering theauthority to act in the event of a default.