2017 Delaware Code
Title 31 - Welfare
CHAPTER 40. THE DELAWARE STATE HOUSING AUTHORITY
Subchapter II Delaware State Housing Authority
§ 4021. Provisions of bonds and mortgages.

In connection with the issuance of bonds or the incurring of any obligation under a lease and to secure the payment of such bonds or obligations, DSHA in addition to its other powers may:

(1) Pledge all or any part of its rents, fees or revenues to which its right then exists or may thereafter come into existence;

(2) Mortgage all or any part of its property, real or personal, then owned or thereafter acquired, including any of the public domain owned or acquired by it;

(3) Covenant against mortgaging all or any part of its property, real or personal, then owned or thereafter acquired or against permitting or suffering any lien thereon;

(4) Covenant with respect to limitations on its right to sell, lease or otherwise dispose of any project or any part thereof;

(5) Covenant against pledging all or any part of its rents, fees and revenues to which its right then exists or may thereafter come into existence or against permitting or suffering any lien thereon;

(6) Covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise and as to the use and disposition of the proceeds thereof;

(7) Covenant as to what other or additional debts may be incurred by it;

(8) Covenant that DSHA warrants the title to the premises;

(9) Covenant as to the rents and fees to be charged, the amount to be raised each year or other period of time by rents, fees and other revenues and as to the use and disposition to be made thereof;

(10) Covenant as to the use of any or all of its property, real or personal;

(11) Create or authorize the creation of special funds segregating the proceeds of any loans or grants, the revenues of any project or projects, reserves for principal and interest on its bonds and for operating contingencies and other reserves and covenant as to the use and disposal of the moneys held in such funds;

(12) Redeem the bonds and covenant for their redemption and provide the terms and conditions thereof;

(13) Covenant against extending the time for the payment of its bonds or interest thereon;

(14) Prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given;

(15) Covenant as to the maintenance of its property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance moneys;

(16) Vest in an obligee, in the event of a default by DSHA, the right to cure any such default and to advance any moneys necessary for such purpose and covenant that the moneys so advanced become an additional obligation of DSHA with such interest, security and priority as may be provided in any mortgage, lease or contract;

(17) Covenant and prescribe as to the events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;

(18) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation;

(19) Covenant to surrender possession of a project or projects or parts thereof upon the happening of an event of default and vest in an obligee the right, upon such default and without judicial proceedings, to take possession and use, operate, manage and control such projects or any parts thereof and to collect and receive rents, fees and revenues arising therefrom in the same manner as DSHA itself might do and to dispose of the moneys collected in accordance with the agreement of such obligee with DSHA;

(20) Vest in a trustee or trustees the right to enforce any covenant to secure or pay the bonds or otherwise relating to such bonds, provide for the powers and duties of such trustee or trustees, limit the liabilities thereof and provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any proportion of them may enforce any such covenant;

(21) Vest in a government or in a trustee the right, upon the happening of an event of default, to foreclose the mortgage securing any bonds held by such government, through judicial proceedings or through the exercise of a power of sale without judicial proceedings;

(22) Vest in other obligees the right, upon the happening of an event of default, to foreclose any mortgage through judicial proceedings;

(23) Vest in any obligee the right to foreclose any such mortgage as to all or such part or parts of the property covered thereby as such obligee shall elect; the institution, prosecution and conclusion of any such foreclosure proceedings or the sale of any such parts of the mortgaged property shall not affect in any manner or to any extent the lien of the mortgage on the parts of the mortgaged property not included in such proceedings or not sold as aforesaid;

(24) Make covenants other than, and in addition to, the covenants expressly authorized in this section of like or different character and execute all instruments necessary or convenient in the exercise of the powers granted in this chapter or in the performance of its covenants or duties, which may contain such covenants and provisions, in addition to those above specified, as the government or any purchaser of the bonds of DSHA may require;

(25) Make such covenants and do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds or, in the absolute discretion of DSHA, tend to make the bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated in this section.

71 Del. Laws, c. 357, § 6.;