(310 ILCS 10/23)
(from Ch. 67 1/2, par. 23)
An Authority shall have power by its resolution, trust indenture,
lease or other contract to confer upon any bondholder, or any trustee for a
bondholder, holding or representing a specified amount in bonds the right
(in addition to all rights that may otherwise be conferred), upon the
happening of an event of default as defined in such resolution or
instrument, by suit, action or proceeding in any circuit court:
(a) To cause possession of any housing project or any part thereof to be
surrendered to any such bondholder or trustee, which possession may be
retained by such bondholder or trustee so long as the Authority shall
continue in default.
(b) 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 may enter and take possession of such
housing project or any part thereof and (so long as the Authority shall
continue in default) operate and maintain same, and collect and receive all
fees, rents, revenues, or other charges thereafter arising therefrom, and
shall keep such moneys in a separate account or accounts and apply the same
in accordance with the obligations of said Authority as the court shall
(c) To require said authority and the commissioners thereof to account
as if it and they were the trustees of an express trust.
(Source: P.A. 79-1362.)