§ 45-27-10 - Mortgage of property. - Rhode Island Statutes

SECTION 45-27-10

   § 45-27-10  Mortgage of property. –In connection with any project financed in whole or in part or otherwise aidedby a government (whether through a donation of money or property, a loan, theinsurance or guaranty of a loan, or otherwise), the authority also has power tomortgage all or any part of its property, real or personal, then owned oracquired:

   (1) To vest in a government the right, upon the happening ofan event of default (as defined in the mortgage), to foreclose the mortgagethrough judicial proceedings or through the exercise of a power of sale withoutjudicial proceedings, so long as a government is the holder of any of the bondssecured by the mortgage.

   (2) To vest in a trustee or trustees the right, upon thehappening of an event of default (as defined in the mortgage), to foreclose themortgage through judicial proceedings or through the exercise of a power ofsale without judicial proceedings.

   (3) To vest in other obligees the right to foreclose themortgage by judicial proceedings.

   (4) To vest in an obligee, including a government, the rightin foreclosing any mortgage, to foreclose the mortgage as to all or part orparts of the property covered by the mortgage as the obligee (in its absolutediscretion) elects; the institution, prosecution, and conclusion of foreclosureproceedings, and/or the sale of any parts of the mortgaged property shall notaffect, in any manner or to any extent, the lien of the mortgage on the partsof the mortgaged property not included in the proceedings or not sold.