82-173 - Laserfiche WebLink

Home Browse Search

Section 7.04 . Effect of Delay or Omission to Pursu~ Remed~ . No delay or omission of the ~Fank to exerci'se any right or Dower arising ~rem any default shall impair any such right or power or shall be construed tn be a waiver of any such default or acquiescence therein, and every Dower and remedy given by this Article VII to the Bank may be exercised from time to time, and as often as shall be deemed expedient. In case the Bank shall have proceeded to enforce any right under this Resolution, and such proceedinos shall have been discontinued or abandoned because of waiver or for any other reason, or shall have been determined adversely to the Bank, then and in every such case the City and the Bank, severally and respectively, shall be restored to their fomner positions and rights hereunder; and all remedies, rights and powers of the City and the Bank shall continue as thouQh no such proceedings had been taken. Section 7.05 . Remedies C~olative . No remedy herein conferred upon or reserved to the Banl< is intended to be exclusive of any other remedY, but each and every such remedy shall be cumulative end shall be in addition to every other remedy given hereunder or now or hereafter existinq at l~w or in equity. Section 7.06 Control of Proceedings . In the event that the Bank, upon the happening 'of in event of default, Shall have taken sene action, by judicial proceedings or otherwise; it shall have full Power with resnect to the continuance, discontinuance, withdrawals compromise, settlement or other disposal of such action. Section 7.07 . Limitation on Bank's Right. to Sue . The Bank shall not have £he 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 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 beinq understood and intended that ~che 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 o~ 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 res~ctive date, shall not be impaired or affected without the consent of the Bank, notwithstandinq the foregoing provisions Of this Section or any other provision of this Resolution. Section 7.08 . Limitation of Liability to Revenues . Notwithstanding anything-g'~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 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 Agreement, ARTICLE VIII MISCELLAhE OdS Section 8.01 . Benefits of Resolution Limited to Parties . NothinQ in this R'~olution, express~ or implied, is intended to oive any person oth~~ than the City and the Bank any right, remedy, or claim ~der or by reason o~ this Resolution. Any covenants, stipulations, promises or anreements in this Resolution contained by and on behalf of the City shall be for the sole an~ exclusive benefit of the Bank. 10