Delaware Code Title 31 Sec. 4025 – Subordination of mortgage to agreement with government
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DSHA 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 and maintenance of the mortgaged property and the construction of improvements thereon. In such event, any purchase or purchasers at a sale of the property of DSHA pursuant to a foreclosure of such mortgage or any other remedy in connection therewith shall obtain title subject to such contract.
Terms Used In Delaware Code Title 31 Sec. 4025
- Contract: A legal written agreement that becomes binding when signed.
- DSHA: means the Delaware State Housing Authority created by § 4010 of this title. See Delaware Code Title 31 Sec. 4001
- 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 Delaware Code Title 31 Sec. 4001
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means any instrument which secures an obligation and constitutes a lien on real property or on a leasehold under a lease having a remaining term, at the time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is equal to the number of years remaining until the maturity date of such obligation. See Delaware Code Title 31 Sec. 4001