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(ii) default in the performance or observance of any other covenant, agreement or obligation of the City, the failure to perform which materially, adversely affects the rights of the Owners, including but not limited to, their prospect or ability to be repaid in accordance with this Ordinance, and the continuation thereof for a period of 60 days after notice of such default is given by any Owner to the City. Section 11.02. Remedies for Default. (a) Upon the happening of any Event of Default, then and in every case any Owner or an authorized representative thereof, including but not limited to, a trustee or trustees therefor, may proceed against the City for the purpose of protecting and enforcing the rights of the Owners under this Ordinance, by mandamus or other suit, action or special proceeding in equity or at law, in any court of competent jurisdiction, for any relief permitted by law, including the specific performance of any covenant or agreement contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of the Owners hereunder or any combination of such remedies. (b) It is provided that all such proceedings shall be instituted and maintained for the equal benefit of all Owners of Bonds then outstanding. Section 11.03. Remedies Not Exclusive. (a) No remedy herein conferred or reserved is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or under the Bonds or now or hereafter existing at law or in equity; provided, however, that notwithstanding any other provision of this Ordinance, the right to accelerate the debt evidenced by the Bonds shall not be available as a remedy under this Ordinance. (b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver of any other available remedy. ARTICLE XII DISCHARGE AND DEFEASANCE Section 12.01. Discharge and Defeasance bv Payment. When any Bond or Bonds shall have been paid in full as to principal and interest, or when any Bond or Bonds shall have become due and payable, whether at maturity or otherwise, and the City shall have provided for the payment of the entire amount due or to become due on such Bond or Bonds by depositing with the Paying Agent/Registrar, for payment of such Bond or Bonds then outstanding, the entire amount due or to become due thereon, and the City shall also have paid or caused to be paid all sums payable with respect to such Bond or Bonds under this Ordinance, and shall have made proper arrangements for payment of the compensation due or to become due the Paying Agent/Registrar with respect to such Bond or Bonds, then the Bond or Bonds thus paid or for which provision for payment is thus made shall be deemed paid and retired and shall no longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien of this Ordinance with respect to such Bond or Bonds and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. Section 12.02. Discharge and Defeasance by Deposit. R:\SANMAR\WWSS.OO\DOCSlFinal\ORDWWSS. WPD 34