HomeMy WebLinkAbout0088 Section 7.03. AUTHORIZATION TO FORECLOSE. In order
to further and more Fully secure the payment of the principal
of and interest on the Bonds upon the happening of any event
of default as hereinafter provided the Issuer and the Company ;
do hereby authorize and permit the Trustee for and on behalf ~
and in the name of the Issuer to foreclose the Company's ;
and the Issuer's interest in the Mortgaged Property and the
Project including the land by foreclosure in the manner provided
by Florida Statutes which rer.tedy shall be in addition to ;
the other remedies provided in Section 7.02, in Article XI, t
and any other applicable provisions of this Agreement. #
Section 7.04. NOTICE TO BONDHOLDERS. The Trustee ~
shall give written notice by registered mail of the occurrence
of every event of default to ever-y bondholder who shall have
filed with the Trustee his address.
Section 7.05. NO REMEDY EXCLUSIVE. No remedy herein
confer~ed upon or reserved to the Trustee or to the Issuer,
or existing at law or in equity shall be exclusive of any
other available remedy or remedies, but each and every such
remedy shall be cumulative and shaYl be in addition to every
other remedy given under this Agreement or now or hereafter
existing at law or in equity or by statute. No delay or
omission to exercise any right or power accruing upon any
default shall impair any such right or power or shall be
construed to be a waiver thereof, but any such right and
power may be exercised from time to time as often as may
be deemed expedient. In order to entitle the Trustee or
the Issuer to exercise any remedy reserved to it in this
Agreement, or existing in law or in equity, it shall not
be necessary to give notice, other than such notice as may
be herein expressly required.
Section 7.06. NO ADDITIONAL WASVER IMPLIED BY ONE_
WAIVER. In the event any agreement contained in this Agreement =
should be brea~hed by any party hereto and thereafter waived
by the other parties, such waiver shall be limited to the
particular breach so waived and shall not be deemed to waive =
any other breach hereunder.
Section 7.07. REIMBURSEMENT OF EXPENSES UPON DEFAULT.
In the event the Company should default under any of the
provisions of this Agreement, it will on demand therefor
reimburse either or both the other parties hereto for the
reasonable fees of their attorneys (whether or not suit shall
have been brought) and such other expenses as may be incurred ;
by them in the enforcement of performance or observance of ~
any obligation or agreement herein contained or in the collection '
of any balance of the purchase price or other sums due hereunder
by the Company to such party; and it is hereby agreed that
the Issuer has an interest in the full and appropriate performance
of every covenant and agreement herein contained for the
payment of money by the Company to the Trustee, and the Issuer
shall be entitled to reimbursement from the Company for any
expenses incurred by the Issuer in the protection of its
interest in this respect.
Section 7.08. ISSUER'S RIGHT TO ADVANCE FUNDS UPON
DEFAULT; REIMBURSEMENT OF SAME. Immediately upon either
of the Issuer's or the Trustee's obtaining knowledge of the
occurrence of any event of default it shall give ~~ritten
;
,
i
i
~ -
; 2g ;
a
~ ~
; ,
i i
; , a
I ~ '
~
- ; _ ~ _~y
~
t