Towns and cities
Housing Authority Bonds and Obligations
§ 45-27-10 Mortgage of property.
In connection with any project financed in whole or in part or otherwise aided
by a government (whether through a donation of money or property, a loan, the
insurance or guaranty of a loan, or otherwise), the authority also has power to
mortgage all or any part of its property, real or personal, then owned or
(1) To vest in a government the right, upon the happening of
an event of default (as defined in the mortgage), to foreclose the mortgage
through judicial proceedings or through the exercise of a power of sale without
judicial proceedings, so long as a government is the holder of any of the bonds
secured by the mortgage.
(2) To vest in a trustee or trustees the right, upon the
happening of an event of default (as defined in the mortgage), to foreclose the
mortgage through judicial proceedings or through the exercise of a power of
sale without judicial proceedings.
(3) To vest in other obligees the right to foreclose the
mortgage by judicial proceedings.
(4) To vest in an obligee, including a government, the right
in foreclosing any mortgage, to foreclose the mortgage as to all or part or
parts of the property covered by the mortgage as the obligee (in its absolute
discretion) elects; the institution, prosecution, and conclusion of foreclosure
proceedings, and/or the sale of any parts of the mortgaged property shall not
affect, in any manner or to any extent, the lien of the mortgage on the parts
of the mortgaged property not included in the proceedings or not sold.
History of Section.
(P.L. 1935, ch. 2255, § 16; G.L. 1938, ch. 344, § 16; G.L. 1956,