§ 45-27-15 - Subordination of mortgage to government contract. - Rhode Island Statutes

SECTION 45-27-15

   § 45-27-15  Subordination of mortgage togovernment contract. – The authority may agree in any mortgage made by it that the mortgage issubordinate to a contract for the supervision by a government of the operationand maintenance of the mortgaged property and the construction of improvementson it. In that event, any purchaser or purchasers at a sale of the property ofan authority, pursuant to a foreclosure of the mortgage or any other remedy inconnection with it, obtains title subject to the contract.