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(al if default shall be made in the due and punctual oay~ent of the principal or any installment of interest on the Note when and as the s~ne shall become due and payable, whether at maturity as therein expressed, by declaration or otherwise; (b) if default shall be made by the City in the observance of an~ of the covenants, agreements or conditions on its part in this Resolution or in the Note contained, and such default shall have continued for a period of sixty {60) days after written notice thereof, specifying such default and requiring the sene to be remedied, shall have been given to the City by the Bank; or (c) if an event of default (as defined in Section 6.01 of the Agreement) has occurred under the Agreement and is continuinq; then, and in each and every such case during the continuance of such event os default, the Bank may, by notice in writinq to the City declare the princioal of the Note then Outstanding, and the interest accrued thereon, to be_ due and payable immediately, and upon any such declaration the same shall bec~ne and shall be immediately due and payable, anything in this Resolution or in the Note contained to the contrary notwithstanding. This provision, however, is subject to the condition that if, at any time after the principal of the Note shall have been so declared due and payable, and before any judgment or decree for the oayment of the monies due and payable shall have been obtained or entered, there shall have been deposited with the Bank a sum sufficient to pay all principal on the Note matured prior to such declaration and all matured installments of interest {if any) upon the Note, with interest on such overdue installments of Principal at the rates borne by the Note, and the reasonable expenses of the Bank, and any and all other defaults known to the Bank (other than in the poyment of principal of and interest on the Note due and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Bank or provision cleaned by the Bank to be adequate shall have been made therefor, then, and in every such case, the Bank may rescind and annul such declaration and its consequences. However, no such rescission and annulment shall extend to or shall effect any subsequent default, or shall impair or exhaust any right or power consequent thereon. Section 7.02 . A~plication of Revenues Upon Acceleration. Upon the date of the'declaration of acceleration by the Bank as orovided in Section 8.01, all Revenues shall be apolied by the Bank in the following order: First , to the payment of the costs and exoenses of the Bank in declaring such event of default, including reasonable compensation to its agents, attorneys and counsel; Second , in case the principal of the Note shall not have become due and pa~---G~F~, to the payment of the interest in default in order of the maturity of the installments of such interest, with intePest on the overdue installments at the rate equal to two percent (2~) above the rate in effect on the Note from time to time from the date of default {to the extent that such interest on overdue installments shall have been collected); Third , in case the principal of the Note shall have become and shall be then due and payable, to the payment of the whole amount then owino and unpaid upon the Note for principal and interest, with interest on the overdue principal and installments of interest at a rate eaual to two oercent {2%) above the rate in effect on the Note from time to time from the date of default, and 'in case such monies shall be insufficient to Day in full the whole amount so owing and unpaid upon the Note, then to the oayment first of accrued interest. Section 7.03 Institution of Legal ProceedinQs b~ Bank. If one or more o~F-the events ~f default shall happen and bo continuinq, the Bank in its dis~'etion may, and upon being indemnified to its satisfaction therefor, shall, proceed to protect or enforce its riQhts under the Ordinance or under this Resolution by a suit in equity or action at l~, either for the suecific performance of any covenant or apreement contained herein, or in aid of the execution of any power herein granted, or by mandamus or other aporopriate proceeding for the enforc~ent of any other legal or equitable remedy as the Bank shall deem most effectual in support of any of its rights or duties hereunder.