WVC 16 - 18 - 14
§16-18-14. Conveyance to federal government on default.
In any contract for financial assistance with the federal
government the authority may obligate itself (which obligation
shall be specifically enforceable and shall not constitute a
mortgage, notwithstanding any other laws) to convey to the
federal government possessions of or title to the redevelopment
project and land therein to which such contract relates which is
owned by the authority, upon the occurrence of a substantial
default (as defined in such contract) with respect to the
covenants or conditions to which the authority is subject; such
contract may further provide that in case of such conveyance, the
federal government may complete, operate, manage, lease, convey
or otherwise deal with the redevelopment project in accordance
with the terms of such contract: Provided,
That the contract
requires that, as soon as practicable after the federal
government is satisfied that all defaults with respect to the
redevelopment project have been cured and that the redevelopment
project will thereafter be operated in accordance with the terms
of the contract, the federal government shall reconvey to the
authority the redevelopment project as then constituted.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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