1. (a) In addition to all other rights that a contract may confer on an obligee of an authority, subject only to binding contractual restrictions, the obligee may:

   1. (1) by a writ of mandamus or a proceeding at law or in equity, compel the authority and the authority's commissioners, officers, agents, or employees to perform each term, provision, and covenant contained in a contract of the authority with or for the benefit of the obligee;
   2. (2) require the carrying out of any covenant or agreement of the authority and the fulfillment of all duties imposed on the authority by this Division II; and
   3. (3) by a proceeding in equity, enjoin any unlawful act or thing or the violation of any right of the obligee.

2. (b)

   1. (1) By resolution, trust indenture, mortgage, lease, or other contract, an authority may confer the right to take action under subsection (c) of this section if a default, as defined in the resolution or instrument, occurs.

   2. (2) The right may be conferred on an obligee that:

      1. (i) holds or represents a specified amount in bonds or notes; or
      2. (ii) holds a mortgage, deed of trust, security instrument, or lease.

3. (c)

   1. (1) An obligee that has the right under subsection (b) of this section to take action under this subsection may, by a proceeding in a court of competent jurisdiction:

      1. (i) have possession of all or part of a housing project surrendered to any such obligee;
      2. (ii) require the authority and its commissioners to account as if the authority and its commissioners were trustees of an express trust; and
      3. (iii) have a receiver appointed for all or part of a housing project and its rents and profits.

   2. (2) If a receiver is appointed, the receiver may:

      1. (i) enter and take possession of the housing project or any part of the housing project;
      2. (ii) operate and maintain it; and
      3. (iii) collect and receive all fees, rents, revenues, or other charges thereafter arising from it.
   3. (3) The receiver shall keep the money in a separate account or accounts and apply the money in accordance with the obligations of the authority as the court directs.

Added by Acts 2006, c. 63, § 2, eff. Oct. 1, 2006.