§45-27-10  Mortgage Of Property. –

Link to law: http://webserver.rilin.state.ri.us/Statutes/TITLE45/45-27/45-27-10.HTM
Published: 2015

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TITLE 45

Towns and cities

CHAPTER 45-27

Housing Authority Bonds and Obligations

SECTION 45-27-10



   § 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

acquired:



   (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,

§ 45-27-10.)