R.I. Gen. Laws § 45-27-15: Subordination of mortgage to government contract.
Where this section sits in the code
- Title 45 Towns and Cities
- Chapter 27 Housing Authority Bonds and Obligations
The authority may agree in any mortgage made by it that the mortgage is subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements on it. In that event, any purchaser or purchasers at a sale of the property of an authority, pursuant to a foreclosure of the mortgage or any other remedy in connection with it, obtains title subject to the contract.
Collected 2026-09-05T20:00:51Z. Source file · JSON