1998-10-19 Resolution 130 - Laserfiche WebLink

Home Browse Search

F • (k) if the lease rental provided for in said Lease is not paid within sixty (60) days after each date it is due; or (1) any event of default as defined in Section 16 of the Lease shall occur - and be continuing. Section 7.02. In the case of the happening and continuance of any of the events of default specified in Section 7.01, then in any such case the Trustee, by notice in writing mailed to the Authority, may, and upon written request of the holders oftwenty-five percent (25%) in principal amount of the Bonds then outstanding hereunder shall, declare the principal of all Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall thereupon become and be immediately due and payable; subject, however, to the right of the holders of a majority in principal amount of all such outstanding Bonds, by written notice to the Authority and to the Trustee, to annul each declaration and destroy its effect at any time if all agreements with respect to which default shall have been made shall be fully performed and all such defaults be cured, and all arrears of interest upon all Bonds outstanding hereunder and the reasonable expenses and charges of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the principal of any Bonds not then due by their terms and interest accrued thereon since the then last interest payment date, shall be paid or the amount thereof shall be paid to the Trustee for the benefit of those entitled thereto. • Section 7.03. All moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article VII shall, after payment of the cost and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Trustee, be deposited in a fund to be created designated as the "South Bend Redevelopment Authority Lease Rental Revenue Bond Series 1998 Default Fund" and all moneys in such fund shall be applied as follows: (a) Unless the principal of all the Bonds shall have become or have been declared due and payable, all such moneys shall be applied: 1. 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 entitle thereto, without any discrimination or privilege; and 2. Second, to the payment of the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds previously called for redemption for the payment of which moneys are held pursuant to the provisions of this Agreement), in the order of their due dates, and if the amount available shall not be sufficient to pay in full all Bonds due on any particular date, ::ODMAU'CDOCSGSBDOCS 1~24203~2 -27'