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<br />I <br /> <br />I <br /> <br />I <br /> <br />ARTICLE XI <br /> <br />DEFAULT AND REMEDIES <br /> <br />Section 11.01. Events of Default. <br /> <br />Each of the following occurrences or events for the purpose of this Ordinance is hereby <br />declared to be an "Event of Default," to-wit: <br /> <br />(i) the failure to make payment ofthe principal of or interest on any of the Bonds <br />when the same becomes due and payable; or <br /> <br />(ii) default in the performance or observance of any other covenant, agreement <br />or obligation of the City, the failure to perform which materially, adversely affects the rights <br />of the Owners, including but not limited to, their prospect or ability to be repaid in <br />accordance with this Ordinance, and the continuation thereof for a period of 60 days after <br />notice of such default is given by any Owner to the City. <br /> <br />Section 11.02. Remedies for Default. <br /> <br />(a) Upon the happening of any Event of Default, then and in every case any Owner or <br />an authorized representative thereof, including but not limited to, a trustee or trustees therefor, may <br />proceed against the City for the purpose of protecting and enforcing the rights of the Owners under <br />this Ordinance, by mandamus or other suit, action or special proceeding in equity or at law, in any <br />court of competent jurisdiction, for any relief permitted by law, including the specific performance <br />of any covenant or agreement contained herein, or thereby to enjoin any act or thing that may be <br />unlawful or in violation of any right of the Owners hereunder or any combination of such remedies. <br /> <br />(b) It is provided that all such proceedings shall be instituted and maintained for the equal <br />benefit of all Owners of Bonds then outstanding. <br /> <br />Section 11.03. Remedies Not Exclusive. <br /> <br />(a) No remedy herein conferred or reserved is intended to be exclusive of any other <br />available remedy or remedies, but each and every such remedy shall be cumulative and shall be in <br />addition to every other remedy given hereunder or under the Bonds or now or hereafter existing at <br />law or in equity; provided, however, that notwithstanding any other provision of this Ordinance, the <br />right to accelerate the debt evidenced by the Bonds shall not be available as a remedy under this <br />Ordinance. <br /> <br />(b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver <br />of any other available remedy. <br /> <br />SANMARCOSIWWWSRev2006A-2: Ordinance <br /> <br />37 <br />