§ 50. Foreclosure and other remedies against an authority. 1. In an
action or proceeding to foreclose a mortgage on property of an
authority, the authority and the municipality, in addition to all other
necessary parties, shall be made parties defendant and shall take such
steps in said action as may be necessary to protect the public interest
therein and no costs shall be awarded against them. Wherever under the
instrument creating a lien a notice of default in writing is required to
be served upon an authority before the institution of a foreclosure
action or proceeding, a copy of such notice shall be served upon the
municipality at least five days before the institution of such
proceedings. At such a sale of the property of the authority pursuant to
foreclosure or other proceedings, the municipality may purchase the
property affected; or, it may, prior to the institution of a foreclosure
action or proceeding, or during such action or proceeding, make such
payment or take such other steps as may be necessary to cure any
defaults that may have occurred and such steps as may be necessary to
protect the property of an authority and the public interest.

2. In addition to any other rights and remedies, but subject to such
limitations as may be made by contract, any obligee, lessor or
mortgagee, or any trustee or agent designated in the bonds of an
authority or under a resolution, mortgage or indenture executed by an
authority as security for its bonds may:

(a) by mandamus or other suit, action or proceeding at law or in
equity compel the authority to perform each and every term, provision
and covenant contained in any agreement of the authority with an
obligee, trustee, mortgagee or lessor and require the performance of any
or all such covenants and agreements of the authority and of the duties
imposed upon the authority by this article;

(b) by action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of such obligee, trustee,
mortgagee or lessor;

(c) by suit, action or proceeding in any court of competent
jurisdiction compel possession of any project or any part thereof to be
surrendered to such obligee, trustee, mortgagee, agent or lessor having
the right to such possession under any agreement with the authority;

(d) by suit, action or proceeding in any court of competent
jurisdiction obtain the appointment of a receiver of any project of the
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
project or any part or parts thereof and operate and maintain the same,
and collect and receive all fees, rents, revenues, or other charges
thereafter arising therefrom in the same manner as the authority itself
might do, and shall keep such moneys in a separate account or accounts
and apply the same in accordance with the obligations of the authority
as the court shall direct;

(e) by action or suit in equity require an authority to account as if
it were the trustee of an express trust.