(a) The Corporation is authorized to covenant for foreclosure of any of its projects upon default as hereinafter set forth in subsections (b) and (c) of this section inclusive, or to limit such right by definition of default or otherwise, in its agreement with the bondholders.
(b) In the event that the Corporation shall default in the payment of the principal of, or interest on, any of its bonds after the same shall become due, whether it be a default in the payment of the principal and interest or in the payment of interest only at maturity or upon call for redemption, or in the event that the Corporation or the Board, officers, agents or employees thereof shall default on any agreement made with the holders of the bonds, any holder or holders of the bonds, subject to any contractual limitation as to a specific percentage of such holders, or trustee therefor, shall have the right to apply in an appropriate judicial proceeding to any court of competent jurisdiction in the Virgin Islands for the foreclosure of any of its projects with respect to which bonds are in default and the income or revenues of which are pledged to the payment of the bonds so in default, whether or not all the bonds have been declared due and payable and whether or not such holder, or trustee therefor, is seeking or has sought to enforce any other right or to exercise any remedy in connection with such bonds subject to agreements with bondholders contained in any resolution or trust indenture securing the bonds.
(c) Upon such foreclosure, the trustee or his agents and attorneys, may enter into and upon and take possession of such project and may exclude the Corporation, its Board, officers, agents, and employees and all persons claiming to represent them, wholly there from and shall have, hold, sell, use, operate, manage and control the same, and, in the name of the Corporation or otherwise, as the trustee may deem best, shall exercise all the rights and powers of the Corporation with respect to such project as the Corporation itself might do.