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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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• Code"), or file answer seeking the relief provided in said <br />Bankruptcy Code; <br />(h) if a court of competent jurisdiction shall enter an <br />order, judgment or decree approving a petition filed against the <br />Authority under the provisions of said Bankruptcy Code, and such <br />judgment, order or decree shall not be vacated or set aside or <br />stayed within one hundred twenty (120) days from the date of the <br />entry thereof; <br />(i) if, under the provisions of any other law now or <br />hereafter existing for the relief or aid of debtors, any court of <br />competent jurisdiction shall. assume custody or control of the <br />Authority or of the whole or any substantial part of the Project <br />or the income therefrom, and such custody or control shall not be <br />terminated within one hundred twenty (120) days from the date of <br />assumption of such custody or control; <br />(j) failure of the Authority to bring suit to mandate the <br />governing board or officials of the Lessee to levy a tax to pay the <br />rental provided in the Lease referred to in Article V, or take such <br />other action to enforce the Lease as is reasonably requested by the <br />Trustee, if such rental is more than ninety (90) days in default; <br />(k) if the lease rental provided for in said Lease is not <br />paid within ninety (90) days after each date it is due; or <br />. (1) any event of default as defined in Section 15 of the <br />Lease shall occur and be continuing. <br />.Sec. 7.02. In the case of the happening and continuance <br />of any of the events of default specified in Section 7.01, then in <br />any such case the Trustee, by notice in writing mailed to the <br />Authority, may, and upon written request of the holders of <br />twenty-five percent (25%) in principal amount of the Bonds then <br />outstanding hereunder shall, declare the principal of all Bonds <br />hereby secured and then outstanding, and the interest accrued <br />thereon, immediately due and payable, and upon such declaration <br />such principal and interest shall thereupon become and be <br />immediately due and payable;. subject, however, to the right of the <br />holders of a majority in principal amount of all such outstanding <br />Bonds, by written .notice to the Authority and to the Trustee, to <br />annul each declaration and destroy its effect at any time if all <br />agreements with respect to which default shall have been made shall <br />be fully performed and all such defaults be cured, and all arrears <br />of interest upon all Bonds outstanding hereunder and the reasonable <br />expenses and charges of the Trustee, its agents and attorneys, and <br />all other indebtedness secured hereby, except the principal of any <br />Bonds not then due by their terms and interest accrued thereon <br />since the then last interest payment date,. shall be paid or the <br />• -29- <br />
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