1998-10-19 Resolution 130 - Laserfiche WebLink

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(x) Failure of the Authority to bring suit to mandate the Lessee to levy a tax • to pay the rental provided in the Lease, or take such other action to enforce the Lease as is reasonably requested by the Trustee, if such rental is more than 30 days in default; (xi) The lease rental provided for in the Lease is not paid when due; or (xii) Any other default occurs and is continuing under the Lease. Remedies. In the case of the happening and continuance of any of the events of default, the Trustee, by notice in writing mailed to the Authority, may, and upon written request of the registered owners of 25% in principal amount of the Bonds then outstanding must, declare the principal of all Bonds outstanding, and the interest accrued thereon, immediately due and payable. Upon such declaration, the principal and interest will become immediately due and payable. However, the registered owners of a majority in principal amount of all outstanding Bonds, by written notice to the Authority and to the Trustee, may annul each declaration and destroy its effect at any time if all agreements with respect to which default has been made are fully performed and all such defaults are cured, and all arrears of interest upon all Bonds outstanding and the reasonable expenses and charges of the Trustee, its agents and attorneys, and all other indebtedness secured by the Trust Agreement, except the principal of any Bonds not then due by their terms and interest accrued thereon since the then last interest payment date, are paid. or the. amount thereof is paid to the Trustee.- for the. benefit of those entitled thereto, In case of the happening and continuance of any event of default, the Trustee may, and- shall upon the written request of the registered owners of at least 25% in principal amount of the Bonds then outstanding and upon being indemnified to its reasonable satisfaction, proceed to protect and enforce its rights and the rights,of the registered owners of the Bonds by suit or suits in equity or at law, or in any court of competent jurisdiction, whether for specific performance of any covenant or agreement contained in the Trust Agreement or in aid of any power granted in the Trust Agreement, or for. the enforcement: of any other appropriate-legal or equitable remedy. All money received by the Trustee pursuant to any right given or action taken by the Trustee upon default will be applied as follows: (i) to the payment of all costs and expenses of the proceedings resulting in the collection of such money and the expenses incurred by the Trustee; (ii) unless the principal of all the Bonds shall have become or have been declared due and payable, all such moneys shall be applied: First--To the payment of the persons entitled thereto of all installments of interest then due on the Bonds, in the order of the maturity of the installments of such interest and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, of the persons entitled thereto, without any discrimination or privilege; and