Title 2, Chapter 10, Section 15
( 2-10-15)
In addition to all other remedies provided by this article, if the Department of Agriculture defaults in the payment of any rental due under any lease contract and continues in such default for more than 30 days, the authority may, and shall upon the written demand of the trustee or 25 percent in amount of the bondholders, upon ten days' notice in writing to the Commissioner of Agriculture and without further legal process or proceeding, enter upon and take possession of any leased premises and operate the same for the purpose of securing such default, so long as the authority deems necessary to restore the lease to good standing, including the accumulation of a reserve to protect against further defaults. The power granted by this Code section shall be continuing and shall not be exhausted by its exercise at any time or for any period of time. In the event of the exercise of such power, the authority may designate the Commissioner as its agent to operate the installation or any leased premises; and the expense of such operation shall not be subject to the limitation imposed by paragraph (4) of Code Section 2-10-5. |