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its, his or their action or to enforce any right hereunder except in the manner herein provided, <br /> and that all proceedings at law or in equity shall be instituted, had and maintained in the manner <br /> herein provided and for the equal benefit of the holders of all Bonds then outstanding. Nothing <br /> in this Indenture contained shall, however, affect or impair the right of any Bondholder to <br /> enforce the covenants of the Issuer to pay the principal of and interest on each of the Bonds <br /> issued hereunder to the respective holders thereof at the time, place, from the source and in the <br /> manner in said Bonds expressed. <br /> Section 7.8. Termination of Proceedings. In case the Trustee shall have proceeded to <br /> enforce any right under this Indenture by the appointment of a receiver, or otherwise, and such <br /> proceedings shall have been discontinued or abandoned for any reason, or shall have been <br /> determined adversely, then and in every such case the Issuer, the Developer and the Trustee shall <br /> be restored to their former positions and rights hereunder, respectively, with respect to the Trust <br /> Estate, and all rights, remedies and powers of the Trustee shall continue as if no such <br /> proceedings had been taken. <br /> Section 7.9. Waivers of Events of Default. The Trustee may in its discretion waive any <br /> event of default hereunder and its consequences and rescind any declaration of maturity of <br /> principal of the Bonds, and shall do so upon the written request of the holders of (1) all the <br /> Bonds then outstanding in respect of which default in the payment of principal and/or premium, <br /> if any, and interest or (2) all Bonds then outstanding in the case of any other default; provided, <br /> however, that there shall not be waived any event of default in the payment of the principal of <br /> any outstanding Bonds at the date of maturity specified therein, and all expenses of the Trustee <br /> in connection with such default shall have been paid or provided for, and in case of any such <br /> waiver or rescission, or in case any proceeding taken by the Trustee on account of any such <br /> default shall have been discontinued or abandoned or determined adversely, then and in every <br /> such case the Issuer, the Trustee and the Bondholders shall be restored to their former positions <br /> and rights hereunder, respectively, but no such waiver or rescission shall extend to any <br /> subsequent or other default, or impair any right consequent thereon. <br /> (End of Article VII) <br /> - 32 - <br /> I\11860514.2 <br />