§3365.  Transfer of lease; sublease; mortgage on structure and lease

A.  With the prior written consent and approval of the board, all or any portion of the property or the improvements constructed thereon may be assigned or subleased under such terms and conditions as authorized by the board.  The board may lease back all or any portion of the property or the improvements constructed thereon under such terms and conditions as authorized by the board.  The term of any assignment, sublease or leaseback may equal but not exceed the term of the original lease.

B.  Lessees may grant mortgages on the improvements erected on the leased premises and on the lease, but all such mortgages, as well as the rights of the mortgagees, shall be subject to the rules and regulations and to all the provisions of this Part.

Added by Acts 1975, No. 313, §2, eff. July 17, 1975; Acts 1985, No. 416, §1.