Ch. 330 LAWS OF MARYLAND

CONVENIENT OR DESIRABLE IN ORDER TO SECURE ITS BONDS, OR, IN
THE ABSOLUTE DISCRETION OF SAID AUTHORITY, AS WILL TEND TO
MAKE THE BONDS MORE MARKETABLE NOTWITHSTANDING THAT SUCH
COVENANTS, ACTS, OR THINGS MAY NOT BE ENUMERATED HEREIN.

(B) ANY PLEDGE MADE BY AN AUTHORITY IS VALID AND BINDING
FROM THE TIME THE PLEDGE IS MADE. THE LIEN OF THE PLEDGE
ATTACHES IMMEDIATELY TO REVENUES OR PROPERTY PLEDGED AND
THEREAFTER RECEIVED BY AN AUTHORITY, WITHOUT ANY PHYSICAL
DELIVERY OR FURTHER ACT. THE LIEN IS VALID AND BINDING AGAINST
ALL PERSONS HAVING CLAIMS OF ANY KIND AGAINST THE AUTHORITY,
IRRESPECTIVE OF WHETHER THOSE PERSONS HAVE NOTICE OF THE
PLEDGE, AND WITHOUT RECORDING OR FILING THE DETERMINATION,
OR ANY OTHER INSTRUMENT.

1-504.

(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 INEQUITY 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)

- 1114 -