279.668 - Rights of agency’s obligee upon default. - Nevada Statutes

279.668  Rights of agency’s obligee upon default.  By its resolution, trust indenture, mortgage, lease or other contract, an agency may confer upon any obligee holding or representing a specified amount in bonds, the following rights upon the happening of an event or default prescribed in such resolution or instrument, to be exercised by suit, action or proceeding in any court of competent jurisdiction:

      1.  To cause possession of all or part of any redevelopment project to be surrendered to any such obligee.

      2.  To obtain the appointment of a receiver of all or part of any redevelopment project of the agency and of the rents and profits from it. If a receiver is appointed, he or she may enter and take possession of the redevelopment project or any part of it, operate and maintain it, collect and receive all fees, rents, revenues or other charges thereafter arising from it, and shall keep such money in separate accounts and apply it pursuant to the obligations of the agency as the court shall direct.

      3.  To require the agency and its members and employees to account as if it and they were the trustees of an express trust.

      (Added to NRS by 1959, 670)