HRS §356D-19
Mortgage can be placed below a government supervision contract
The housing authority can agree that its mortgage comes after a government agency's contract to supervise the property's operation, maintenance, and construction. If the property is sold due to foreclosure, the buyer gets the property still subject to that government contract.
developersmortgage lenders
The statute, as written — Subordination of mortgage to agreement with government
The authority may agree in any mortgage made by it that the mortgage shall be subordinate to a contract for the supervision by a government agency of the operation and maintenance of the mortgaged property and the construction of improvements thereon. In that event, any purchaser or purchasers at a sale of the property of the authority pursuant to a foreclosure of the mortgage or any other remedy in connection therewith shall obtain title subject to the contract.
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