Section 50. Foreclosure and other remedies against an authority

1. In an
  action  or  proceeding  to  foreclose  a  mortgage  on  property  of  an
  authority,  the authority and the municipality, in addition to all other
  necessary parties, shall be made parties defendant and shall  take  such
  steps  in said action as may be necessary to protect the public interest
  therein and no costs shall be awarded against them.  Wherever under  the
  instrument creating a lien a notice of default in writing is required to
  be  served  upon  an  authority  before the institution of a foreclosure
  action or proceeding, a copy of such notice shall  be  served  upon  the
  municipality   at  least  five  days  before  the  institution  of  such
  proceedings. At such a sale of the property of the authority pursuant to
  foreclosure or other proceedings,  the  municipality  may  purchase  the
  property affected; or, it may, prior to the institution of a foreclosure
  action  or  proceeding,  or  during such action or proceeding, make such
  payment or take such other  steps  as  may  be  necessary  to  cure  any
  defaults  that  may  have occurred and such steps as may be necessary to
  protect the property of an authority and the public interest.
    2. In addition to any other rights and remedies, but subject  to  such
  limitations  as  may  be  made  by  contract,  any  obligee,  lessor  or
  mortgagee, or any trustee  or  agent  designated  in  the  bonds  of  an
  authority  or  under  a resolution, mortgage or indenture executed by an
  authority as security for its bonds may:
    (a) by mandamus or other suit, action  or  proceeding  at  law  or  in
  equity  compel  the  authority to perform each and every term, provision
  and covenant contained  in  any  agreement  of  the  authority  with  an
  obligee, trustee, mortgagee or lessor and require the performance of any
  or  all such covenants and agreements of the authority and of the duties
  imposed upon the authority by this article;
    (b) by action or suit in equity, enjoin any acts or things  which  may
  be  unlawful  or  in  violation  of the rights of such obligee, trustee,
  mortgagee or lessor;
    (c)  by  suit,  action  or  proceeding  in  any  court  of   competent
  jurisdiction  compel possession of any project or any part thereof to be
  surrendered to such obligee, trustee, mortgagee, agent or lessor  having
  the right to such possession under any agreement with the authority;
    (d)   by  suit,  action  or  proceeding  in  any  court  of  competent
  jurisdiction obtain the appointment of a receiver of any project of  the
  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
  project or any part or parts thereof and operate and maintain the  same,
  and  collect  and  receive  all  fees, rents, revenues, or other charges
  thereafter arising therefrom in the same manner as the authority  itself
  might  do,  and shall keep such moneys in a separate account or accounts
  and apply the same in accordance with the obligations of  the  authority
  as the court shall direct;
    (e)  by action or suit in equity require an authority to account as if
  it were the trustee of an express trust.