(a) An obligee of an authority shall have the right in addition to all
other rights which may be conferred on such obligee by contract,
subject only to any contractual restrictions binding upon such obligee:
(1) By mandamus, suit, action, or proceeding at law or in equity to compel
said authority and the commissioners, officers, agents, or employees
thereof to perform each and every term, provision, and covenant
contained in any contract of said authority with or for the benefit of
such obligee, and to require the carrying out of any or all such
covenants and agreements of said authority and the fulfillment of all
duties imposed upon said authority by this article; and
(2) By suit, action or proceeding in equity, to enjoin any acts or things
which may be unlawful, or the violation of any of the rights of such
obligee of said authority.
(b) An authority shall have power by its resolution, trust indenture,
mortgage, lease, or other contract to confer upon any obligee holding
or representing a specified amount in bonds or notes, or holding a
mortgage, deed of trust, lease, or other security instrument, the right
(in addition to all rights that may otherwise be conferred), upon the
happening of an event of default as defined in such resolution or
instrument, by suit, action, or proceeding in any court of competent
jurisdiction:
(1) To cause possession of any housing project or any part thereof to be
surrendered to any such obligee;
(2) To obtain the appointment of a receiver of any housing project of said
authority or any part thereof and of the rents and profits therefrom.
If such receiver be appointed, he may enter and take possession of such
housing project or any part thereof and operate and maintain same, and
collect and receive all fees, rents, revenues, or other charges
thereafter arising therefrom, and shall keep such moneys in a separate
account or accounts and apply the same in accordance with the
obligations of said authority as the court shall direct; and
(3) To require said authority and the commissioners thereof to account as
if it and they were the trustees of an express
trust.
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