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<br /> tr'6tlM <br /> (h) The covenants and representations made or required by this Section are for the benefit <br /> of the Owners and may be relied upon by the Owners and Bond Counsel for the City. <br /> ARTICLE XI <br /> DEFAULT AND REMEDIES <br /> Section 11.01. Events of Default. <br /> 1 Each of the folluwing occurrences or events for the purpose of this Ordinance is hereby <br /> declared to be an "Event of Default," to-wit: <br /> I <br /> (i) the failure to make payment of the principal of or interest on any of the Bonds <br /> when the same becomes due and payable; or <br /> (ü) 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 accordance <br /> '\-\lith this Ordinance, and the continuation thereof for a period of 60 days after notice of such <br /> default is given by any Owner to the City. <br /> Section 11.02, Remedies for Default. . <br /> (a) Upon the happening of any Event of Default, then and in every case any Owner or an <br /> 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 /> I <br /> I (b) It is provided that all such proceedings shall be instituted and maintained for the equal <br /> I benefit of all Owners of Bonds then outstanding. <br /> Section 11.03. Remedies Not Exclusive. <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 tl].e debt evidenced by the Bonds shall not be available as a remedy under this <br /> Ordinance, <br /> ",,""" 'IMM\ WW"">M DOCS\ORDNC& fN 35 <br />