Sec. 501.157. DEFAULT ON AGREEMENT; ENFORCEMENT. An agreement relating to a project must provide that if a default occurs in the payment of the principal of or the interest or premium on the bonds or in the performance of any agreement contained in a proceeding, mortgage, or instrument, the payment or performance may be enforced by: (1) mandamus; or (2) the appointment of a receiver in equity with the power to: (A) charge and collect rents, purchase price payments, and loan payments; and (B) apply the revenue from the project in accordance with the resolution, mortgage, or instrument.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.