No second mortgage shall be placed upon the property without the prior written approval of the Board. In determining whether to grant an approval for the second mortgage, the Board shall consider the need for the second mortgage and the impact that the second mortgage shall have upon the ability of the Board to maintain this unit as a low- and moderate-income unit. Under no circumstances shall a foreclosure of a second mortgage constitute grounds for eliminating the resale controls provided for in this subchapter. Prior written approval shall be denied unless second mortgages are specifically authorized by COAH regulations and the application is consistent with those regulations.
('74 Code, § 131-95) (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) Penalty, see § 156.999