2009 Rhode Island Code
Title 45 - Towns and cities
CHAPTER 45-27 - Housing Authority Bonds and Obligations
§ 45-27-15 - Subordination of mortgage to government contract.
SECTION 45-27-15
§ 45-27-15 Subordination of mortgage to government contract. – 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.
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