1988-06-17 Resolution 8 - Laserfiche WebLink

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terminated within one hundred twenty (120) days from • the date of assumption of such custody or control; (j) failure of the Authority to bring suit to mandate the governing board or officials of 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 sixty (60) days in default; (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. Sec. 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 of twenty-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. Sec. 7.03. If default occurs with respect to the payment of principal or interest due hereunder, interest shall be payable on overdue principal and overdue interest both at the highest rate of interest on any of the Bonds when .sold, whether or not then outstanding. Sec. 7.04. In case of the happening and continuance of any of the events of default specified in Section 7.01., the Trustee may, and shall upon the written request of the holders of at least twenty-five percent (25%) in principal amount of the Bonds then outstanding hereunder and upon being indemnified to its reasonable satisfaction, proceed to protect and enforce its rights and the rights of the holders 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 herein or in aid of any power herein granted, -23-