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1 ARTICLE X DEFAULT AND REMEDIES SectIOn 10 01 Events of Default. Each of the followmg occurrences or events for the purpose of thIS Ordmance IS hereby declared to be an "Event of Default," to-WIt: (i) the failure to make payment of the prmcIpal of or mterest on any of the CertIficates when the same becomes due and payable, or (ii) default m the performance or observance of any other covenant, agreement or obhgatIOn of the CIty, the faIlure to perform WhICh matenally, adversely affects the nghts of the Owners, mcludmg but not hmIted to, theIr prospect or ability to be repaId in accordance with thIS Ordmance, and the contmuatIOn thereof for a penod of 60 days after notIce of such default IS gIven by any Owner to the CIty SectIOn 10 02 RemedIes for Default. (a) Upon the happenmg of any Event of Default, then and in every case any Owner or an authonzed representatIve thereof, mcludmg, but not hmIted to, a trustee or trustees therefor, may proceed agamst the CIty, or any offiCial, officer or employee ofthe City m theu offiCIal capaCIty, for the purpose of protectmg and enforcmg the nghts of the Owners under thIS Ordmance, by mandamus or other suit, actIOn or specIal proceedmg m eqUIty or at law, m any court of competent JunsdictIOn, for any rehef permItted by law, mcludmg the speCIfic performance of any covenant or agreement contamed herem, or thereby to enJom any act or thmg that may be unlawful or m vIOlatIon of any nght of the Owners hereunder or any combmation of such remedIes (b) It IS proVIded that all such proceedmgs shall be mstItuted and maintamed for the equal benefit of all Owners of CertIficates then outstandmg SectIOn 1003 RemedIes Not ExclusIve (a) No remedy herein conferred or reserved is mtended to be exclUSIve of any other available remedy or remedIes, but each and every such remedy shall be cumulatIve and shall be m addItIOn to every other remedy gIven hereunder or under the CertIficates or now or hereafter eXIstmg at law or m eqUIty; prOVIded, however, that notwIthstandmg any other provlSlon of thIS Ordmance, the right to accelerate the debt eVIdenced by the CertIficates shall not be avaIlable as a remedy under thIS Ordmance (b) The exerCIse of any remedy herem conferred or reserved shall not be deemed a waIver of any other available remedy (c) By acceptmg the delivery of a Certificate authonzed under thIS Ordmance, such Owner agrees that the certIficatIOns requued to effectuate any covenants or representatIons contamed in thIS Ordinance do not and shall never constItute or gIve nse to a personal or pecumary habihty or charge agamst the officers, employees or trustees of the CIty or the CIty Council. San Marcos CTRCO 2007 Ordinance 28