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<br />B. Non-payment related defaults; <br /> <br />C. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> <br />D. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> <br />E. Substitution of credit or liquidity providers, or their failure to perform; <br /> <br />F. Adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br /> <br />G. Modifications to rights of holders of the Bonds; <br /> <br />H. Bond calls; <br /> <br />I. Defeasances; <br /> <br />J. Release, substitution, or sale of property securing repayment of the Bonds; and <br /> <br />K. Rating changes. <br /> <br />The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any <br />failure by the City to provide financial information or operating data in accordance with Section 14.02 of <br />this Ordinance by the time required by such Section. <br /> <br />Section 14.04. Limitations. Disclaimers. and Amendments. <br /> <br />~e City shall be obligated to observe and perform the covenants specified in this Article for so <br />long as, but only for so long as, the City remains an "obligated person" with respect to the Bonds within <br />the meaning of the Rule, except that the City in any event will give notice required by Section 16.03 hereof <br />of any Bond calls and defeasance that cause the City to be no longer such an "obligated person." <br /> <br />The provisions of this Article are for the sole benefit of the Owners and beneficial owners of the <br />Bonds and the beneficial owners of the Board's bonds if the City is an "obligated person" with respect to <br />the Board's bonds under the Rule, and nothing in this Article, express or implied, shall give any benefit or <br />any legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes to <br />provide only the financial information, operating data, financial statements, and notices which it has <br />expressly agreed to provide pursuant to this Article and does not hereby undertake to provide any other <br />information that may be relevant or material to a complete presentation of the City's financial results, <br />condition, or prospects or hereby undertake to update any information provided in accordance with this <br />Article or otherwise, except as expressly provided herein. The City does not make any representation or <br />warranty concerning such information or its usefulness to a decision to invest in or sell Bonds at any future <br />date. <br /> <br />UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER OR <br />BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR <br />DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, <br />WHETHER NEGLIGENT OR WITHOUT F AUL T ON ITS PART, OF ANY COVENANT SPECIFIED <br />IN THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT <br />OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH, NOTWITHSTANDING ANY <br />PROVISION OF THIS ORDINANCE TO THE CONTRARY, SHALL BE LIMITED TO AN ACTION <br />FOR MANDAMUS OR SPECIFIC PERFORMANCE. <br /> <br />R:\SANMAR\WWSS,98\DOCS\ORDNCE <br /> <br />31 <br />