New York Laws
Article 4-A - Trust Indentures and Interests Therein
126 - Trust Indentures.

(a) to take such action as may be necessary or proper to sequester the
rents and income of the property;
(b) to procure from the owner of the property an assignment of rents
and/or a consent to enter into possession of the property and to collect
the rents therefrom;
(c) to apply to the court for the appointment of a receiver of the
rents and income of the property;
(d) to declare due and payable forthwith any principal amount
remaining due and unpaid and commence an action of foreclosure;
(e) to apply the moneys received as rents and income from the property
as well as moneys received by the trustee from any receiver appointed
for such property in his discretion, to the maintenance and operation of
such property, the payment of taxes, water rents and assessments levied
thereon and any arrears thereof, to the payment of underlying liens, and
to the creation and maintenance of a reserve or sinking fund.
3. If the trustee can obtain the information without unreasonable
effort or expense, to render annually to bondholders, after the
occurrence of a default, unless such default be previously cured, a
summarized statement of income and expenditures in connection with the
property.
4. To distribute the proceeds of any sale or other disposition of the
property ratably among the bondholders, subject to applicable mandatory
provisions of law.
5. To permit the obligor or other person in possession or control of
the property, or his successors in interest, to be free to select the
insurance broker or agent through whom any insurance of any kind is to
be placed or written on any property affected or covered by a mortgage
held by such trustee.