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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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I c <br /> r ' t <br /> ARTICLE VI <br /> DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS <br /> Section 601. Events of Default. Each of the following shall be an "event of default" <br /> under this Indenture: <br /> (a) default in the due and punctual payment of any interest on any Bond; or <br /> (b) default in the due and punctual payment of the principal of or premium, <br /> if any, on any Bond whether at the stated maturity thereof, or on proceedings for <br /> redemption thereof, or on the maturity thereof by declaration; or <br /> (c) if the Issuer files a petition under Chapter IX of the Bankruptcy Code; or <br /> (d) default, and the continuation thereof for a period of 30 days following <br /> notice to the Trustee, in the performance or observance of any other of the covenants, <br /> agreements or conditions on the part of the Issuer in this Indenture or in the Bonds after <br /> written notice to the Issuer from the Trustee or the registered owners of at least 25% of <br /> the Bond Obligations at such time specifying such default and requiring the same to be <br /> remedied. <br /> Section 602. Acceleration; Other Remedies. Upon the occurrence of an event of default <br /> as provided in Section 601(a) or (b), the Trustee may, and upon the written request of the <br /> holders of not less than 25% of the Bond Obligations, by notice in writing delivered to the <br /> Issuer, declare the principal of all Bonds then Outstanding and the interest accrued thereon <br /> immediately due and payable, and such principal and interest shall thereupon become and be <br /> immediately due and payable. There shall be no acceleration upon the occurrence of an event <br /> of default as described in Section 601(c) or (d) hereof. <br /> If at any time after the Bonds shall have been so declared due and payable, and before <br /> any judgment or decree for the payment of the money due shall have been obtained or entered, <br /> the Issuer or the Developer shall pay to or deposit with the Trustee a sum sufficient to pay all <br /> principal of the Bonds then due (other than solely by reason of such declaration) and all unpaid <br /> installments of interest (if any) upon all the Bonds then due, with interest at the rate borne by <br /> the Bonds on such overdue principal and (to the extent legally enforceable) on such overdue <br /> installments of interest, and the reasonable expenses of the Trustee shall have been made good <br /> or cured or adequate provisions shall have been made therefor, and all other defaults hereunder <br /> have been made good or cured or waived in writing by owners of a 100% of the Bond <br /> Obligations, then and in every case, the Trustee on behalf of the holders of all the Bonds shall <br /> 3099.1 35 <br />
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