Approving Revenue Bonds Ridgedale Nursing Home

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Section 1.2: Upon the happening of any event of default: specified in Section 7.1 and the continuance of which said default extends for a period beyond any specified grace period, then the Trusted may, without any action on the part of the Bondholders and upon the happening of any event of default above specified, declare the entire principal amount of the Bonds then outstanding hereunder and the interest accrued thereon immediately due and payable and said entire principal and interest shall thereupon become and be immediately due and payable subject, however, to the right of the holders of fifty -one percent (51%) of the principal amount of the Bonds then outstanding, by written notice given to the Trustee anr: the City and the Commission, to annul such declaration and to destroy its effect as hereinafter provided. In the event of any default and upon the Trustee declaring the entire unpaid balance of said Bonds and the interest accrued thereon clue and payable, said Trustee may forestall actions of foreclosure as hereinafter provided, if full and sufficient indemnification is provided to the Trustee which would indemnify and protect the said Bondholders from any loss of principal and interest on said Bonds by result of said 'Trustee's forestalling foreclosure actions. Section 7.3: Upon the happening of any event of default specified above and its continuance for a grace period, if any, specified in said default section, then, and in each case, the Trustee may, and upon the written request of the holders of not less than ten percent (10 %) of the principal amount of the Bonds then outstanding and upon being first inde„nif.ied by the said Bondholders to said Trustee's full satisfaction against costs, loss, or liability in the pre- mises shall, institute such suit or suits in equity or at law in any Court of competent jurisdiction to enforce and protect any of its rights or the rights of the Bondholders (or any of them) hereunder as may be advised by counsel to be appropricte. further, upon the happening of any event of default as speci- fied above and for its continuance for a Period specified in the above section grace period, the Trustee shall be entitled as a right: to the appointment K L Reca9_ver of tin Leased Prnmis ^e and An Mal Property and for each and c. ry of tin ]eights and property of Ci.t' t3 Cor. u'i?c_i a ?'S :c .- .'n, .>d the Ler,soe with reit'rnpup to " Leased Drunis0s, all as de.. crib: d and located on the Real - 13 - P