Resolution No. 4704 - Laserfiche WebLink

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Section 7. Default and Remedies. (1 ) The occurrence of one or more of the following shall constitute an Event of Default under this Bond Declaration: (A) Failure by the City to pay Bond principal, interest or premium when due (whether at maturity, or upon prepayment after principal components of Bond Payments have been properly called for prepayment); (B) Failure by the City to make any Security Payment within five Business Days after it is due; (C) Failure by the City to observe and perform any covenant, condition or agreement which this Bond Declaration requires the City to observe or perform for the benefit of Program Trustee, which failure continues for a period of 60 days after written notice to the City by the Program Trustee specifying such failure and requesting that it be remedied; provided however, that if the failure stated in the notice cannot be corrected within such 60 day period, it shall not constitute an Event of Default so long as corrective action is instituted by the City within the 60 day period and diligently pursued, and the default is corrected as promptly as practicable after the written notice referred to in this Section 7(1 )(C); or, The City is adjudged insolvent by a court of competent jurisdiction, admits in writing its inability to pay its debts generally as they become due, files a petition in bankruptcy, or consents to the appointment of a receiver for the installment payments. (2) The Program Trustee may waive any Event of Default and its consequences, except an Event of Default described in Section 7(1)(A). (3) If an Event of Default occurs and is continuing the Program Trustee may exercise any remedy available at law or in equity; however, the Bond Payments shall not be subject to acceleration. ( 4) No remedy in this Bond Declaration conferred upon or reserved to the Program Trustee is intended to be exclusive and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Bond Declaration or now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. To entitle the Program Trustee to exercise any remedy reserved to it, it shall not be necessary to give any notice other than such notice as may be required by this Bond Declaration or by law. Exhibit A, Page 5