424.15  Bonds and mortgages of housing companies.--Any company formed under this chapter may, subject to the approval of the Department of Community Affairs, borrow funds and secure the repayment thereof by bonds and mortgages or by an issue of bonds under trust indenture. The bonds so issued and secured and the mortgage or trust indentures relating thereto may create a first or senior lien and a second or junior lien upon the real property embraced in any project. Such bonds and mortgages may contain such other clauses and provisions as shall be approved by the department, including the right to assignment of rents and entry into the possession in case of default; but the operation of the housing project in the event of such entry by a mortgagee or receiver shall be subject to the regulations of the department under this chapter. Provisions for the amortization of the bonded indebtedness of companies formed under this chapter shall be subject to the approval of the department.