Section 15 - Security for bonds or notes; construction and acquisition of projects(1) The principal of and interest on any bonds or notes issued by corporation may be secured by a pledge of any revenues and receipts of the corporation and may be secured by a mortgage or other instrument covering all or any part of a project, including any additions, improvements, extensions to or enlargements of any projects thereafter made.(2) Bonds or notes issued for the acquisition, construction, reconstruction, rehabilitation, or improvement of a project may also be secured by an assignment of any lease of or mortgage on such project and by an assignment of the revenues and receipts derived by the corporation from any such lease or mortgage.(3) The resolution under which the bonds or notes are authorized to be issued and any such mortgage, lease or other instrument may contain agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents or other revenues therefrom, including monies received in repayment of mortgage loans, and interest thereon, the creation and maintenance of special funds from such rents or other revenues and the rights and remedies available in the event of default, all as the corporation shall deem advisable.(4) Each pledge, agreement, mortgage or other instrument made for the benefit or security of any of the bonds or notes of the corporation shall continue effective until the principal of and interest on the bonds or notes for the benefit of which the same were made shall have been fully paid, or until provision shall have been made for such payment in the manner provided in the resolution or resolutions under which the same may be authorized.(5) The corporation may provide that any proceedings under which bonds or notes may be authorized that any project or part thereof may be constructed, reconstructed, rehabilitated or improved by the corporation, any subsibidiary or any lessee or any designee of the corporation and may also provide in such proceedings for the time and manner of and requisites for disbursements to be made for the cost of such construction, and for all such certificates and approvals of construction and disbursements as the corporation shall deem necessary and provide for in such proceedings.N.Y. Urban Development Research Corporation Act § 15