2006 New York Code - Mortgage Loans.

 
    §  410-g.   Mortgage loans.  1.  Any eligible borrower may, subject to
  the approval of the commissioner,  borrow  funds  from  the  agency  and
  secure  the  repayment  thereof by bond or note and mortgage which shall
  contain such  terms  and  conditions  as  may  be  deemed  necessary  or
  desirable  by the agency or required by any agreement between the agency
  and the  holders  of  its  notes  and  bonds,  including  the  right  to
  assignment  of  rates  and  charges and entry into possession in case of
  default, but the operation of such project, in the event of such  entry,
  shall be subject to the regulations of the commissioner.
    2.    The  agency  may  make  contracts  to  make loans to an eligible
  borrower in an amount not to exceed the total project cost.    Any  such
  loan  shall  be  secured  by  a  first  mortgage  lien upon all the real
  property and improvements of which  the  project  consists  and  may  be
  secured  by  such  a lien upon other real property owned by the eligible
  borrower, and upon  all  fixtures  and  articles  of  personal  property
  attached to or used in connection with the operation of the project.
    3.  Any inconsistent provision of law to the contrary notwithstanding,
  mortgages  of  an  eligible  borrower  shall be exempt from the mortgage
  recording taxes imposed by article eleven of the tax law.