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Ch. 63
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2006 LAWS OF MARYLAND
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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) 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) BY A PROCEEDING IN EQUITY, ENJOIN ANY UNLAWFUL ACT OR
THING OR THE VIOLATION OF ANY RIGHT OF THE OBLIGEE.
(B) RIGHTS ON DEFAULT — IN GENERAL.
(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) THE RIGHT MAY BE CONFERRED ON AN OBLIGEE THAT:
(I) HOLDS OR REPRESENTS A SPECIFIED AMOUNT IN BONDS OR
NOTES; OR
(II) HOLDS A MORTGAGE, DEED OF TRUST, SECURITY INSTRUMENT,
OR LEASE.
(C) SAME — ENUMERATED.
(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:
(I) HAVE POSSESSION OF ALL OR PART OF A HOUSING PROJECT
SURRENDERED TO ANY SUCH OBLIGEE;
(II) REQUIRE THE AUTHORITY AND ITS COMMISSIONERS TO
ACCOUNT AS IF THE AUTHORITY AND ITS COMMISSIONERS WERE TRUSTEES OF AN
EXPRESS TRUST; AND
(III) HAVE A RECEIVER APPOINTED FOR ALL OR PART OF A HOUSING
PROJECT AND ITS RENTS AND PROFITS.
(2) IF A RECEIVER IS APPOINTED, THE RECEIVER MAY:
(I) ENTER AND TAKE POSSESSION OF THE HOUSING PROJECT OR
ANY PART OF THE HOUSING PROJECT;
(II) OPERATE AND MAINTAIN IT; AND
(HI) COLLECT AND RECEIVE ALL FEES, RENTS, REVENUES, OR
OTHER CHARGES THEREAFTER ARISING FROM IT.
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- 476 -
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