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Community and Culture Development | |
Housing and Community Development | |
Section 626 | Defaults -- Conveyance of title to federal government. |
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9-4-626. Defaults -- Conveyance of title to federal government. (1) The authority in any contract with the federal government for annual contributions may obligate itself to convey to the federal government possession of or title to the project upon the occurrence of a substantial default, as defined in the contract, with respect to the covenants and conditions to which the authority is subject. (2) This obligation shall be specifically enforceable and does not constitute a mortgage, notwithstanding any other laws. (3) In case of conveyance, the federal government may complete, operate, manage, lease, convey, or otherwise deal with the project and funds in accordance with the terms of the contract if the contract by its terms requires the federal government, as soon as practicable after it is satisfied that all defaults have been cured and that the project will be operated in accordance with the contract, to reconvey the project to the authority.
Renumbered and Amended by Chapter 241, 1992 General Session |
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