 | Board of Visitors minutes June 24, 1965 |  |
ARTICLE VII
Remedies
Section 701. In case the time for the payment of any coupon shall be extended, whether
or not such extension be by or with the consent of the Board, such coupon shall not be entitled
in case of default hereunder to the benefit or security of this resolution except subject to the
prior payment in full of the principal of all bonds then outstanding and of all coupons the time
for the payment of which shall not have been extended.
Section 702. Each of the following events is hereby declared an "event of default",
that is to say If
(a) payment of the principal of any of the bonds shall not be made
when the same shall become due and payable, or(b) payment of any instalment of interest shall not be made within thirty
(30) days after the same shall become due and payable, or125(c) the Board shall for any reason be rendered incapable of fulfilling
its obligations hereunder, or(d) the Project or any part thereof shall be destroyed or damaged and
shall not be promptly repaired, replaced or reconstructed (whether such
failure promptly to repair, replace or reconstruct the same be due to the
impracticability of such repair, replacement or reconstruction or to lack
of funds therefor or for any other reason), or(e) final judgment for the payment of money shall be rendered against
the Board as a result of its ownership or operation of the Project and any
such judgment shall not be discharged within sixty (60) days from the entry
thereof or an appeal shall not be taken therefrom or from the order, decree
or process upon which or pursuant to which such judgment shall have been
granted or entered, in such manner as to stay the execution of or levy under
such judgment, order, decree or process or the enforcement thereof, or(f) an order or decree shall be entered, with the consent or acquiescence
of the Board, appointing a receiver or receivers of the Project or any part
thereof or of the revenues derived from the Library Building Fee, or if such
order or decree, having been entered without the acquiescence or consent of
the Board, shall not be vacated or discharged or stayed on appeal within
sixty (60) days after entry thereof, or(g) the Board shall default in the due and punctual performance of any
other of the covenants, conditions, agreements and provisions contained in
the bonds or in this resolution on the part of the Board to be performed,
and such default shall continue for thirty (30) days after written notice
specifying such default and requiring same to be remedied shall have been
given to the Board by any bondholder.
Section 703. Upon the happening and continuance of any event of default specified in
Section 702 of this Article, then and in every such case any bondholder may proceed, subject
to the provisions of Section 705 of this Article, to protect and enforce the rights of the bondholders
by a suit, action or special proceeding in equity or at law, either for the specific
performance of any covenant or agreement contained herein or in aid or execution of any power
herein granted or for the enforcement of any proper legal or equitable remedy as such bondholder
shall deem most effectual to protect and enforce such rights.
Section 704. In case any proceeding taken by any bondholder on account of any default
shall have been discontinued or abandoned for any reason, then and in every such case the Board
and the bondholders shall be restored to their former positions and rights, respectively, and
all rights and remedies of the bondholder shall continue as though no such proceeding had been
taken.
Section 705. No holder of any of the bonds shall have the right in any manner whatever
to affect, disturb or prejudice the security of this resolution or to enforce any right hereunder,
except in the manner herein provided, and all proceedings at law or in equity shall be
instituted, had and maintained for the equal benefit of all bondholders.
Section 706. No remedy herein conferred on the bondholders is intended to be exclusive
of any other remedy or remedies, and each and every remedy conferred shall be cumulative and
shall be in addition to every other remedy given hereunder or under the Act or now or hereafter
existing at law or in equity or by statute.
Section 707. No delay or omission of any bondholder to exercise any right or power
accruing upon any default occurring and continuing as aforesaid shall impair any such right or
power or shall be construed to be a waiver of any such default or an acquiescence therein, and
every power and remedy given by this Article to the bondholders may be exercised from time to
time and as often as may be deemed expedient.
| Board of Visitors minutes June 24, 1965 | |