2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
122 - Transfer of title or foreclosure of project.

 
    §  122.  Transfer  of  title  or  foreclosure of project. 1. Until the
  termination of the tax exemption, whether by expiration or by any  other
  cause, a redevelopment company, heretofore or hereafter organized, shall
  not have power to sell the real property constituting the project or any
  portion or portions thereof without the consent of the local legislative
  body.
    2.  If an action be brought to foreclose a mortgage or tax lien upon a
  redevelopment project, heretofore or hereafter  authorized  pursuant  to
  this  article,  and  the real property constituting the project shall be
  acquired at the foreclosure sale or from the mortgagee  or  lienor  that
  had  acquired  the  property of such sale, or by a conveyance in lieu of
  such sale,  by  a  redevelopment  company  organized  pursuant  to  this
  article,  or by the federal government or an instrumentality thereof, or
  by a corporation which is, or by agreement has  become  subject  to  the
  supervision  of the superintendent of financial services, such successor
  in interest shall acquire such project subject to all provisions of  the
  contract  regulating  such  project  and shall be entitled to all of the
  benefits contained in such contract. In  all  other  cases  of  sale  at
  foreclosure  or  forced sale, the real property constituting the project
  or  any  portion  or  portions  thereof  shall  be  sold  free  of   all
  restrictions,  except  such  covenants  running  with the land as may be
  contained in the contract regulating the project, or  in  the  deed,  if
  any,  given  by  the municipality to the redevelopment company affecting
  all or any portion of the  real  property  upon  which  the  project  is
  situated,  and  the  tax  exemption, if any, theretofore granted to such
  project pursuant to such contract shall immediately terminate.