82-051 - Laserfiche WebLink

Home Browse Search

Section 7.05. Remedies Cumulative. No remedy herein conferred upon or reserved to the Bank is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity. Section 7.06. Control of Proceedings. In the event that the Bank, upon the happening of an e~ent of default, shall have taken some action, by judicial proceedings or otherwise, it shall have full power with respect to the continuance, discontinuance, withdrawal, compromise, settlement or other disposal of such action. Section 7.07. Limitation on Bank's Right to Sue. The Bank shall not have the right to institute any suit, action or proceeding at law or in equity, for any remedy under or upon this Resolution, unless the Bank shall have been previously given to the City written notice of the occurrence of an event of default hereunder. Such notification is hereby declared, in every case, to be a condition precedent to the exercise by the Bank of any remedy hereunder; it being understood and intended that the Bank shall not have any right in any manner whatever by its action to enforce any right under this Resolution, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of this Resolution shall be instituted, had and maintained in the manner herein provided. The right of the Bank to receive payment of the principal of and interest on the Note out of Revenues, as herein and therein provided, on and after the respective due dates expressed in such Note, or to institute suit for the enforcement of any such payment on or after such respective date, shall not be impaired or affected without the consent of the Bank, notwithstanding the foregoing provisions of this Section or any other provision of this Resolution. Section 7.08. Limitation of Liability to Revenues. Notwithstanding anything in this Resolution contained, the City shall not be required to advance any moneys derived from the proceeds of taxes collected by the City of Santa Ana or from any source of income of the City of Santa Ana or the City other than the Revenues, for any of the purposes in this Resolution mentioned, whether for the payment of the principal of or interest on the Note or for any other purpose of this Resolution. The Note is payable from and secured by the Revenues and the Deed of Trust. 18