Board of Visitors minutes :: September 29, 1962 :: University of Virginia Library

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, 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 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 thereof, 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

360

bondholders shall be restored to their former positions and rights, respectively, and all rights
and remedies of the bondholders shall continue as though no such proceeding had been taken

Section 705. No holder of any of the bonds shall have any 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 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