RES 94045A - Laserfiche WebLink

exercise the remedies provided to [he Authority in Section 7.01 of the Installment Purchase Contracts. Upon the occurcence of an Event of Default hereunder, the Tmstee may declare the principal and interest with respect to all such Bonds immediately due and payable and such principal and interest shall thereupon be due and payable immediately. The Trustee shall apply amounts on deposit in the funds and acwunts created under the Installment Purchase Contracts and the Trust Agreement in accordance with Section 6.09 hereof. Section 6.02. Other Remedies of [he Trustee. The Trustee and, subject to the provisions of Section 6.08 hereof, the Owners of not less than a majority in aggregate principal amount represented by [he Bonds at the time Outstanding may: (a) by mandamus or other action or proceeding or suit at law or in equity enforce its rights against the Authority or the City or any board member, officer or employeethereof, and compel the Authority or the City or any such board member, officer or employee to perform or carry out its or his duties under law and the agreements and covenants required to be performed by i[ or him contained herein; or (b) by suit in equity enjoin any acts or things which are unlawful or violate the rights of the Trustee; or (c) intervene in judicial proceedings that affect the Bonds or the security therefor. Section 6.03.' Non-Waiver. A waiver of any default or breach of duty or contract by the Trustee or the Owners shall no[ affect any subsequent default or breach of duty or contract or impair any rights or remedies on any such subsequent default or breach of duty or contract. No delay or omission by the Trustee or the Owners to exercise any right or remedy accruing upon any default or breach of duty or contract shall impair any such right or shall be construed to be a waiver of any such default or breach of duty or contract or an acquiescence therein, and every right or remedy conferted upon the Trustee or the Owners by law or by this article may be enforced and exercised from time to time and as often as shall be deemed expedient by the Trustee. If any action, proceeding or suit to enforce any right or to exercise any remedy is abandoned or detem»ned adversely to the Trustee or the Owners, the Tmstee, [the Insurer,] the Owners, the Authority and the City shall be restored to their former positions, rights and remedies as if such action, proceeding or suit had not been brought or taken. Section 6.04. Remedies Not Exclusive. No remedy herein conferred upon or reserved to [he Trustee is intended to be exclusive of any other remedy, and each such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing in law or in equity or by statute or otherwise and may be exercised without exhausting and without regard to any other remedy conferred by any law. Section 6.05. No Liability by [he Authority to the Owners. The Authority shall not have any obligation or liability to the Owners with respect [o the payment when due of the 23 9a0W01ZLA1