RES 94045A - Laserfiche WebLink

is instituted by the City within the applicable period and diligently pursued until the default is cortected; (iii) The filing by the City of a voluntary petition in bankruptcy, or failure by the City promptly to lift any execution, garnishment or attachment, or the filing of an involuntary petition in bankruptcy against the City which petition shall not have been withdrawn within sixty (60) days, or assignment by the City for the benefit of creditors, or the entry by the City into an agreement of composition with creditors; or the approval by a court of competent jurisdiction of a petition applicable to [he City in any proceedings instituted under the provisions of the federal bankruptcy law, or under any similar acts which may hereafter be enacted. Section 502. Remedies on Default. Upon the occurrence and continuance of any event of default specified in Section 801 (i) or 801(iii) hereof, the Trustee, as assignee of the Authority, shall proceed, or upon the occurrence of an even[ of default specified in Section 801 (ii) hereof, may proceed, and upon written request of the Owners of not less than a majority in aggregate principal amount of Bonds this Outstanding shall proceed, to: - (i) Protect and enforce the Lease Agreement by such judicial proceeding as the Authority or its assignee shall deem most effectual, either by suit in equity or by action at law, whether for the specific performance of any covenant or agreement contained in the Lease Agreement, or in aid of the exercise of any power granted in the Lease Agreement, or to enforce any other legal or equitable right vested in the Authority or its assignee by the Lease Agreement or by law; or (ii) Take possession of the portions of the Project subject to this Lease Agreement and exclude the City from using it until the default is cured, holding the City liable for the Lease Payments and other amounts payable by the City prior to such taking of the Project under and pursuant to the Lease Agreement and the curing of such default; or (iii) Take whatever action at law or in equity may appear necessary or desirable to enforce the Authority's rights as the leaseholder of the portions of the Project subject to this Lease Agreement, including termination of the Lease Agreement and the repossession and lease of the portions of the Project subject to this Lease Agreement. Section 803. No Remedy Exclusive. No remedy herein conferced upon or reserved to the Authority is intended to be exclusive and every such remedy shall be cumulative and shall be in addition to every other remedy given under the Lease Agreement 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 impair any such right or power or shall be construed to be a waivecthereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to 9407301U.LA1 18