99.190. Rights of authority upon the happening of an event of default. - Missouri Statutes

Rights of authority upon the happening of an event of default.

99.190. An authority shall have power by its resolution,trust indenture, mortgage, lease or other contract to confer uponany obligee holding or representing a specified amount in bonds,or holding a lease, the right (in addition to all rights that mayotherwise be conferred), upon the happening of an event ofdefault 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 partthereof to be surrendered to any such obligee;

(2) To obtain the appointment of a receiver of any housingproject of said authority or any part thereof and of the rentsand profits therefrom. If such receiver be appointed, he mayenter and take possession of such housing project or any partthereof and operate and maintain same, and collect and receiveall fees, rents, revenues, or other charges thereafter arisingtherefrom, and shall keep such moneys in a separate account oraccounts and apply the same in accordance with the obligations ofsaid authority as the court shall direct;

(3) To require said authority and the commissioners thereofto account as if it and they were the trustees of an expresstrust.

(RSMo 1939 § 7871)