(1) Take possession and control of the building, appurtenant land and any personal property of the owner used with respect to the building, including any bank or operating account for the building.

(2) Collect outstanding accounts receivable.

(3) Pursue all claims or causes of action of the owner with respect to the building and all other property subject to the conservator.

(4) Contract for the repair and maintenance of the building. The contracts shall be appropriately documented and included in the reports and accounting which the conservator is required to submit or file under the provisions of this act. The conservator shall make a reasonable effort to solicit three bids for contracts valued at more than $25,000, except when the contractor or developer provides or obtains financing for the conservatorship.

(5) Borrow money and incur credit in accordance with section 8.¹

(6) Contract and pay for the maintenance and restoration of utilities to the building.

(7) Purchase materials, goods and supplies to accomplish repairs and operate the building.

(8) With the court's approval, enter into new rental contracts and leases for a period not to exceed one year.

(9) Affirm, renew or enter into contracts providing for insurance coverage on the building.

(10) Engage and pay legal, accounting, appraisal and other professionals to aid the conservator in the conduct of the conservatorship.

(11) When the building has been designated a historic property, consult with the municipality's historical commission or board of historical and architectural review, a local historic preservation organization or, in the absence thereof, the Pennsylvania Historical and Museum Commission for recommendations on preserving the property's historic character.

(12) Apply for and receive public grants or loans.

(13) Sell the building in accordance with section 9.²

(14) Exercise all authority that an owner of the building would have to improve, maintain and otherwise manage the building, including the extent to which rehabilitation will satisfy the goals of the conservatorship.

(1) Maintain, safeguard and insure the building.

(2) Apply all revenue generated from the building consistent with the provisions of this act.

(4) Implement the final plan referred to in paragraph (3) upon approval by the court.

(5) Submit a status report to the court and parties to the action annually or more frequently as the court may deem appropriate. The status report shall include:

(1) At the time the court appoints a conservator, the conservator may present and the court may approve the final plan for abatement. If no plan is presented at that hearing, a hearing date on the conservator's final plan for abatement shall be set within 120 days of the appointment.

(2) Thirty days prior to the date of the hearing, the conservator shall submit the plan to the court and to all parties to the action.

(3) The plan shall include a cost estimate, a financing plan and either a description of the work to be done for the rehabilitation of the building or, if rehabilitation is not feasible, a proposal for the closing, sealing or demolition of the building.

(4) The plan shall conform with all existing municipal codes, duly adopted plans for the area and historic preservation requirements.

(5) At the time of the hearing, all parties shall be allowed to comment on the plan, and the court shall take all comments into consideration when assessing the feasibility of the plan and the proposed financing. In making its assessment, the court shall give reasonable regard to the conservator's determination of the scope and necessity of work to be done for the rehabilitation or demolition of the building in approving the final plan and in approving the costs of conservatorship and sale of the property.

(6) Within 15 days of the hearing, the court shall issue a decision approving the plan or requiring that the plan be amended.

(7) If the court decision requires that the plan be amended, a hearing date shall be set within 60 days from the date of the decision.