(A) Any mortgage for a low- and moderate-income unit shall contain a provision requiring the holder of a mortgage on the property to inform the Board at any time that the purchaser of a unit is 45 days or more in arrears on payment of his/her mortgage. The Board shall further be notified by the mortgagee in the event of institution of a foreclosure action. This notification provision does not apply to any mortgage which prohibits notice to a third party.
(B) The Board shall at all times have the right to intervene in any foreclosure action. In addition, the Board shall have the right to advance and pay all sums necessary to cure any arrears, to cure any other default or exercise any right of redemption or pay and satisfy any first mortgage or other lien so that the unit may be preserved and retained as a low- and moderate-income unit. All sums advanced by the agency shall become a lien against the unit and shall have higher priority than any lien except that of a first mortgage and tax or other liens held by any government agencies.
('74 Code, § 131-93) (Ord. 15-1975, passed 8-11-75; Am. Ord. 369-1987, passed 7-27-87; Am. Ord. 699-94, passed 6-13-94; Am. Ord. 945-99, passed 9-13-99; Am. Ord. 43-04, passed 3-22-04; Am. Ord. 266-15, passed 5-11-15)