Vermont Statutes Title 24 Sec. 4018
Terms Used In Vermont Statutes Title 24 Sec. 4018
- Contract: A legal written agreement that becomes binding when signed.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
§ 4018. Powers may be conferred on obligee
An authority shall have power by its resolution, trust indenture, mortgage, lease, or other contract to confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, the right, in addition to all rights that may be otherwise conferred, upon the happening of an event of default 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 part thereof to be surrendered to any such obligee.
(2) To obtain the appointment of a receiver of any housing project of said authority or any part thereof and of the rents and profits therefrom. If such receiver be appointed, he or she may enter and take possession of such housing project or any part thereof and operate and maintain the same and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom and shall keep such monies in a separate account or accounts and apply the same in accordance with the obligations of said authority as the court shall direct.
(3) To require said authority and the commissioners thereof to account as if it and they were the trustees of an express trust. (1961, No. 212, § 18, eff. July 11, 1961.)