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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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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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holders of at least 25% of the Bonds shall have made written request to the Trustee and shall <br /> have offered reasonable opportunity to the Trustee either to proceed to exercise the powers <br /> hereinbefore granted or to institute such action, suit or proceeding in its own name; (d) such <br /> holders shall have offered to the Trustee indemnity as provided herein; and (e) the Trustee shall <br /> within 60 days thereafter fail or refuse to exercise the powers hereinbefore granted, or to <br /> institute such action, suit or proceeding; it being understood and intended that no one or more <br /> holders of the Bonds shall have any right in any manner whatsoever to affect, disturb or <br /> prejudice the lien of this Indenture or the rights of any other holders of Bonds or to obtain <br /> priority or preference over any other holders or to enforce any right under this Indenture, except <br /> in the manner herein provided and for the equal and ratable benefit of all holders of Bonds with <br /> respect to which there is a default. Nothing contained in this Indenture shall, however, affect <br /> or impair the right of any Bondholder to enforce the payment of the principal of, the premium, <br /> if any, and interest on any Bond at the maturity thereof or the obligation of the Issuer to pay the <br /> principal of, premium, if any, and interest on the Bonds issued hereunder to the respective <br /> holders thereof, at the time, in the place, from the sources and in the manner expressed in said <br /> Bonds. <br /> Section 611. Termination of Proceedings. In case the Trustee shall have proceeded to <br /> enforce any right under this Indenture by the appointment of a receiver, by entry or otherwise, <br /> and such proceedings shall have been discontinued or abandoned for any reason, or shall have <br /> been determined adversely, then and in every such case the Issuer and the Trustee shall be <br /> restored to their former positions and rights hereunder with respect to the Trust Estate herein <br /> conveyed, and all rights, remedies and powers of the Trustee shall continue as if no such <br /> proceedings had been taken. <br /> Section 612. Waivers of Events of Default. The Trustee shall waive any event of default <br /> hereunder and its consequences and rescind any declaration of maturity of principal of and <br /> interest on the Bonds upon the written request of the holders of a majority of the Bonds with <br /> respect to which there is a default; provided, however, that there shall not be waived (a) any <br /> event of default in the payment of the principal of any Bonds at the date of maturity specified <br /> therein, or upon proceedings for mandatory redemption, (b) any default in the payment when <br /> due of the interest or premium on any such Bonds, unless prior to such waiver or rescission all <br /> arrears of interest, with interest (to the extent permitted by law) at the rate borne by the Bonds <br /> in respect of which such default shall have occurred on overdue installments of interest or all <br /> arrears of payments of principal or premium, if any, when due (whether at the stated maturity <br /> thereof or upon proceedings for mandatory redemption) as the case may be, and all expenses of <br /> the Trustee (including attorney's fees), in connection with such default shall have been paid or <br /> provided for, and in case of any such waiver or rescission, or in case any proceeding taken by <br /> the Trustee on account of any such default shall have been discontinued or abandoned or <br /> determined adversely, then and in every such case the Issuer, the Trustee and the Bondholders <br /> 2975.1 42 <br />
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