In any contract or amendatory or superseding contract for a loan and annual contributions
heretofore or hereafter entered into between a housing authority and the federal government
with respect to any housing project undertaken by said housing authority, any such
housing authority is authorized to make such covenants (including covenants with holders
of bonds issued by such authority for purposes of the project involved), and to confer
upon the federal government such rights and remedies, as said housing authority deems
necessary to assure the fulfillment of the purposes for which the project was undertaken. In any such contract, the housing authority may, notwithstanding any other provisions
of law, agree to sell and convey the project (including all lands appertaining thereto)
to which such contract relates to the federal government upon the occurrence of such
conditions, or upon such defaults on bonds for which any of the annual contributions
provided in said contract are pledged, as may be prescribed in such contract, and
at a price (which may include the assumption by the federal government of the payment,
when due, of the principal of and interest on outstanding bonds of the housing authority
issued for purposes of the project involved) determined as prescribed therein and
upon such other terms and conditions as are therein provided. Any such housing authority is hereby authorized to enter into such supplementary
contracts, and to execute such conveyances, as may be necessary to carry out the provisions
hereof. Notwithstanding any other provisions of law, any contracts or supplementary contracts
or conveyances made or executed pursuant to the provisions of this section shall not
be or constitute a mortgage within the meaning or for the purposes of any of the laws
of the State.
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