Sec. 501.157. DEFAULT ON AGREEMENT; ENFORCEMENT

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An agreement relating to a project must provide that if a default occurs in the payment of the principal of or the interest or premium on the bonds or in the performance of any agreement contained in a proceeding, mortgage, or instrument, the payment or performance may be enforced by:
(1) mandamus; or
(2) the appointment of a receiver in equity with the power to:
(A) charge and collect rents, purchase price payments, and loan payments; and
(B) apply the revenue from the project in accordance with the resolution, mortgage, or instrument.

Added by Acts 2007, 80th Leg., R.S., Ch. 885 , Sec. 3.01, eff. April 1, 2009.

                    
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