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respect which would adversely affect the right of such holder or holders so long as said Bonds or <br />the interest thereon remains unpaid. <br />Section 8. No recourse under or upon any obligation, covenant, acceptance or <br />agreement contained in this Bond Ordinance, or in the Bonds, the Loan and Financing <br />Agreement, the Trust Indenture, any regulatory agreement or amendment thereto or under any <br />judgment obtained against the Issuer or by the enforcement of any assessment or by any legal or <br />equitable proceeding by virtue of any constitution or statute or otherwise, or under any <br />circumstances, under or independent of the Loan and Financing Agreement, shall be had against <br />any member, director, or officer or attorney, as such, past, present, or future, of the Issuer, either <br />directly or through the Issuer, or otherwise, for the payment for or to the Issuer or any receiver <br />thereof, or for or to any holder of the Bonds secured thereby, or otherwise, of any sum that may <br />be due and unpaid by the Issuer upon any of such Bonds. Any and all personal liability of every <br />nature, whether at common law or in equity, or by statute or by constitution or otherwise, of any <br />such member, director, or officer or attorney, as such, to respond by reason of any act or <br />omission on his or her part, or otherwise, for, directly or indirectly, the payment for or to the <br />Issuer or any receiver thereof, or for or to any owner or holder of the Bonds, or otherwise, of any <br />sum that may remain due and unpaid upon the Bonds hereby secured or any of them, shall be <br />expressly waived and released as a condition of and consideration for the execution and delivery <br />of the Loan and Financing Agreement and the Trust Indenture and the issuance of the Bonds. <br />Section 9. This Ordinance shall be in full force and effect from and after passage <br />by the Common Council and its approval by the Mayor of the City. <br />COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA <br />r <br />By: C <br />Member of the Common uncil <br />t st READING 3 ~8' ~ l <br />PUBLIC HEARING 3-L?r~y <br />3rd READWG 3 _LL_O`~ <br />NOT APPROVED <br />Qs s~~s~~~ <br />a g s ~i~ s -i-~~ ~~ <br />-4- <br />Filed In Clerk's Office <br />c!na ~ 7 coo <br />JOMN VOORDE <br />CITY CLERK, S0. BEND, IN. <br />REFERRED <br />PASSED 3' LZ ` O"`~ Gl>~ S u~ ~~ "~'~`"'~' . ` <br />SBIMANI 174829v6 <br />