To secure the payment of the securities, a trust agreement or other financial document may mortgage or assign the mortgage of any project, projects or part of any project and may create a lien upon any or all of the revenues of the board or any project, projects or part of any project or upon any or all of the real or personal property constituting a part of the project, projects or part of any project.__The trust agreement, financial document or resolution may contain such other provisions as the board may consider reasonable and proper for the security of the holders of securities.

A trust agreement or financial document containing a mortgage or assignment of a mortgage with respect to a project, projects or a part of any project may authorize the trustee or mortgagee in the event of a default as defined, with respect to the securities issued to provide for the costs of the project, projects or a part of any project, to take possession of all or any part of the mortgaged property constituting the project, projects or a part of any project, to hold, operate and manage the project, projects or a part of any project and, with or without such taking of possession, to sell or from time to time to lease the project, projects or a part of any project.__A judgment for possession may be without conditions and such a sale or lease may not be subject to any right to redeem the mortgaged property.__Upon satisfaction at any time of the obligations secured by the mortgage with respect to the project, projects or a part of any project, which is deemed to include all applicable fees and expenses, any surplus proceeds from the operation, sale or lease of the project, projects or part of any project must be paid to the mortgagor of the project, projects or a part of any project or to those claiming under the mortgagee and, subject to any sale or lease under this paragraph, the mortgaged property with respect to the project, projects or part of any project reverts or must be returned to the mortgagor or to those claiming under the mortgagee.

All expenses incurred in carrying out the trust agreement, financial document or resolution may be treated as a part of the cost of the operation of a project, projects or part of any project.__All pledges of revenues under this Act are valid and binding from the time when the pledge is made.__The revenues pledged and received by the board are immediately subject to the