Nevada § 279.668 - Rights of agency's obligee upon default

§ 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.