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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
Creation date
10/1/2012 2:09:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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Section 902. Acceleration. Upon the occurrence of an event of default the Trustee <br />shall, upon the written request of Allstate, if and so long as Allstate is a holder of any Bonds, <br />and otherwise the holders of a majority in aggregate principal amount of Bonds then <br />outstanding shall, by notice in writing delivered to the Issuer, declare the principal of all <br />Bonds then outstanding and the interest accrued thereon immediately due and payable, and <br />such principal and interest shall thereupon become and be immediately due and payable. <br />Upon any declaration of acceleration hereunder the Issuer and the Trustee shall declare the <br />entire unpaid principal amount of the Note to be immediately due and payable in accordance <br />with Section 6.2 of the Loan Agreement. <br />Section 903. Remedies; Rights of Bondholders. Upon the occurrence of an Event of <br />Default, if requested to do so by Allstate, if and so long as Allstate is the holder of any <br />Bonds, and otherwise by the holders of a majority in aggregate principal amount of the <br />Bonds then outstanding, the Trustee will pursue any available remedy by suit at law or in <br />equity to enforce the payment of the principal of, premium, if any, and interest on the Bonds <br />then outstanding, and will give any notices, if any, required to be given to the Borrower in <br />Section 6.1 of the Loan Agreement or Section 4.01 of the Mortgage or Section 901 or <br />Section 910 hereof. <br />No remedy by the terms of this Indenture conferred upon or reserved to the Trustee <br />(or to the Bondholders) is intended to be exclusive of any other remedy, but each and every <br />such remedy shall be cumulative and, subject to Section 907 hereof, shall be in addition to <br />any other remedy given to the Trustee or to the Bondholders hereunder or now or hereafter <br />existing at law or in equity or by statute. <br />No delay or omission to exercise any right or power accruing upon any default or <br />event of default shall impair any such right or power or shall be construed to be a waiver of <br />any such default or event of default or acquiescence therein; and every such right and power <br />may be exercised from time to time and as often as may be deemed expedient. <br />No waiver of any default or event of default hereunder, whether by the Trustee or by <br />the Bondholders, shall extend to or shall affect any subsequent default or event of default or <br />shall impair any rights or remedies consequent thereon. <br />Section 904. Right of Bondholders to Direct Proceedings. Anything in this Indenture <br />to the contrary notwithstanding, Allstate, if and so long as Allstate is the holder of any <br />Bonds, and otherwise the holders of a majority in aggregate principal amount of Bonds then <br />outstanding shall have the right, at any time, by an instrument or instruments in writing <br />executed and delivered to the Trustee, to direct the time, the method and place of conducting <br />all proceedings to be taken in connection with the enforcement of the terms and conditions <br />of this Indenture, or for the appointment of a receiver or any other proceedings hereunder; <br />provided that such direction shall not be otherwise than in accordance with the provisions of <br />law and of this Indenture. <br />Section 905. Application of Moneys. (a) Moneys Other Than from the Mortgage <br />and the Assignment of Lease. All moneys received by the Trustee (except for any moneys <br />-27- <br />
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