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Mortgage of property may be subordinate to supervision contract of government.

Memphis Charter, art. 79, § 922
in effect
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Sec. 922. - Mortgage of property may be subordinate to supervision contract of government. The authority may agree in any mortgage made by it that such mortgage shall be subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements thereon; in such event, any purchaser or purchasers at a sale of the property of an authority pursuant to a foreclosure of such mortgage or any other remedy in connection therewith shall obtain title subject to such contract. (Priv. Acts 1935, ch. 615, § 21)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART79HOAULA_S922MOPRMABESUSUCOGOFetched: 10/28/2026

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