When a local development corporation or project owner does not meet mortgage payments insured by the authority by reason of vacancy of its industrial and/or recreational project, the authority, for the purpose of maintaining income from industrial and/or recreational projects on which mortgage payments have been insured by the authority and for the purpose of safeguarding the mortgage insurance fund, may grant the local development corporation or project owner permission to lease or rent the property to a tenant for a use other than that specified in § 42-34-6(3), such lease or rental to be subject to such conditions as the authority may prescribe. The foregoing provisions shall be in addition to any other provisions contained in this chapter empowering the authority to act in the event of a default.
History of Section.
P.L. 1958, ch. 91, § 9; P.L. 1975, ch. 170, § 7; P.L. 1977, ch. 78, § 7; P.L. 1986, ch. 245, § 2; P.L. 1987, ch. 537, § 3.