Section 50. Remedies of noteholders and bondholders

1. In the event that
  the agency shall default in the payment of principal of or  interest  on
  any  issue of notes or bonds after the same shall become due, whether at
  maturity or upon call for redemption, and such  default  shall  continue
  for  a period of thirty days, or in the event that the agency shall fail
  or refuse to comply with  the  provisions  of  this  article,  or  shall
  default  in any agreement made with the holders of any issue of notes or
  bonds, the holders of twenty-five  per  centum  in  aggregate  principal
  amount  of  the  notes  or  bonds  of  such  issue  then outstanding, by
  instrument or instruments filed in the office of the clerk of the county
  of Albany and approved or acknowledged in the same manner as a  deed  to
  be  recorded,  may  appoint  a  trustee to represent the holders of such
  notes or bonds for the purposes herein provided.
    2. Such trustee may, and  upon  written  request  of  the  holders  of
  twenty-five  per  centum in principal amount of such notes or bonds then
  outstanding shall, in his or its own name:
    (a) by action or special  proceeding  in  accordance  with  the  civil
  practice  law  and  rules,  enforce  all  rights  of  the noteholders or
  bondholders, including the right to require the agency to  collect  fees
  and  charges  and  interest  and amortization payments on mortgage loans
  made by it adequate to carry out any agreement as to, or pledge of, such
  fees  and  charges  and  interest  and  amortization  payments  on  such
  mortgages,  and  other properties and to require the agency to carry out
  any other agreements with the holders of such  notes  or  bonds  and  to
  perform its duties under this title;
    (b) bring suit upon such notes or bonds;
    (c)  by  action or special proceeding require the agency to account as
  if it were the trustee of an express trust for the holders of such notes
  or bonds;
    (d) by action or special proceeding enjoin any acts  or  things  which
  may  be  unlawful  or  in violation of the rights of the holders of such
  notes or bonds;
    (e) declare all such notes or  bonds  due  and  payable,  and  if  all
  defaults  shall  be  made good, then, with the consent of the holders of
  twenty-five per centum of the principal amount of such  notes  or  bonds
  then outstanding, to annul such declaration and its consequences.
    3.  Such  trustee  shall in addition to the foregoing have and possess
  all of the powers necessary or  appropriate  for  the  exercise  of  any
  functions  specifically  set  forth  herein  or  incident to the general
  representation of bondholders or  noteholders  in  the  enforcement  and
  protection of their rights.
    4.  The  supreme  court shall have jurisdiction of any suit, action or
  proceeding by the trustee on behalf of such noteholders or  bondholders.
  The  venue  of  any such suit, action or proceeding shall be laid in the
  county of Albany.
    5. Before declaring due and payable the principal of  notes  or  bonds
  issued  in  connection  with any mortgage or other obligation securing a
  mortgage loan made by the agency, the trustee shall  first  give  thirty
  days'  notice  in  writing  to  the  governor,  to  the  agency,  to the
  commissioner of housing and community renewal, the state commissioner of
  health,  the  state  commissioner  of  mental  hygiene  or   the   state
  commissioner of social services, as the case may be, and to the attorney
  general of the state.