N.Y. Private Housing Finance Law 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.
Terms Used In N.Y. Private Housing Finance Law 122
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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.