Tennessee Code 13-20-609 – Subordination of mortgage to agreement with government
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Terms Used In Tennessee Code 13-20-609
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement of an authority with or for the benefit of an obligee whether contained in a resolution, trust indenture, mortgage, lease, bond or other instrument. See Tennessee Code 13-20-102
- 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
- Government: includes the state and federal governments and any subdivision, agency or instrumentality, corporate or otherwise, of either of them. See Tennessee Code 13-20-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: includes deeds of trust, mortgages, building and loan contracts or other instruments conveying real or personal property as security for bonds and conferring a right to foreclose and cause a sale thereof. See Tennessee Code 13-20-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
The authority may agree in any mortgage made by it that such mortgage shall be subordinate to a contract for the supervision by a government of the operation of improvements thereon; in such event, any purchaser or purchasers at a sale of the property of an authority pursuant to a foreclosure of such mortgage or any other remedy in connection therewith shall obtain title subject to such contract.