1990-05-15 Resolution 22 - Laserfiche WebLink

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(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 referred to in Article V, or take such other action to enforce the Lease as is reasonabl da eq in tdefaulthe Trustee, if such rental is more than sixty (60) y (}c) 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 15 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 accruadd torrthe since the then last interest payment date, shall be p 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 Pa able of principal or interest due hereunder, interest shall be pay 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 -33-