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4. The security interest herein granted shall not be affected by nor shall it affect any other security taken for the Indebtedness hereby secured, or any part thereof; and any extensions and renewals may be made of the Indebtedness and this security interest and any releases may be executed with respect to the Collateral, or any part hereof, herein conveyed without affecting the priority of this security interest orthe validity thereof with reference to any third person, and the City shall not be limited by any election of remedies if it chooses to foreclose this security interest by suit. The right to sell under the terms hereof shall also exist cumulative with the said suit; and one method so resorted to shall not bar the other, but both may be exercised at the same or different times, nor shall the exercise of one be a defense to the exercise of the other. 5. Upon payment of the Indebtedness in full, the City shall take, upon the request of Bank at the expense of the City any action necessary to cause this Pledge of Securities and Security Agreement to be released and the Collateral to be returned to the Bank. 6. The Bank hereby represents, warrants and covenants with the City as follows: a. The execution and delivery of this Pledge of Securities and Security agreement have been duly authorized by proper action and such execution and delivery and the consummation of the transactions contemplated hereby do not conflict with or constitute a breach of or a default under any agreement to wh ich the Bank is bound or any law, regulation or ruling to which the Bank is subject; b. No authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required forthe pledge by the Bank of the Collateral pursuant to the terms hereof or for the execution, delivery or performance of this Pledge of Securities and Security Agreement; c. The Bank is legally entitled to and is not prohibited by contract from pledging the securities comprising the original Collateral or any security substituted for or pledged in addition to the securities originally pledged as Collateral, to secure payment ofthe Indebtedness; d. The pledge of the securities comprising the Collateral pursuant to the Pledge of Securities and Security Agreement creates a valid and perfected security interest in the collateral securing payment of the Indebtedness; and e. The Collateral, exclusive of accrued interest, shall at all times be maintained on deposit with the Custodian in any aggregate market value equal to the Indebtedness, less any portion thereof insured by the Federal Deposit Insurance Corporation. The Bank shall be responsible for determining the market value of the Collateral and for