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<br />. <br />I <br /> <br />I <br /> <br />8 <br /> <br />. <br /> <br />The declaration may be rescinded by the Bond Insurer if <br />such declaration resulted from a request of the Bond Insurer or <br />otherwise by the owners of not less than a majority of the <br />Bonds then outstanding provided the Agency cures the default or <br />defaults and deposits with the Fiscal Agent a sum sufficient to <br />pay all principal on the Bonds matured prior to the declaration <br />and all matured installments of interest (if any) upon all the <br />Bonds, with interest at the rate of twelve percent (12%) per <br />annum on the overdue installments of principal and, to the <br />extent the payment of interest on interest is lawful at that <br />time, on such overdue installments of interest, so that the <br />Agency is currently in compliance with all payment, deposit and <br />transfer provisions of this Resolution, and any expenses <br />incurred by the Fiscal Agent in connection with the default. <br /> <br />B, Certain Remedies of Bondholders, Any Bondholder with <br />the consent of the Bond Insurer or the Bond Insurer shall have <br />the right, for the equal benefit and protection of all <br />Bondholders similarly situated-- <br /> <br />(1) by mandamus, suit, action or proceeding, to <br />compel the Agency and its members, officers, agents or <br />employees to perform each and every term, provision <br />and convenant contained in this Resolution and in the <br />Bonds, and to require the carrying out of any or all <br />covenants and agreements of the Agency and the <br />fulfillment of all duties imposed upon it by the Law; <br /> <br />(2) by suit, action or proceeding in equity, to <br />enjoin any acts or things which are unlawful, or the <br />violation of any of the Bondholders' rights; or <br /> <br />(3) upon the happening of any event of default <br />(as defined in this Section), by suit, action or <br />proceeding in any court of competent jurisdiction, to <br />require the Agency and its members and employees to <br />account as if it and they were the trustees of an <br />express trust. <br /> <br />c. Non-Waiver. Nothing in this Section or in any other <br />provisions of this Resolution, or in the Bonds, shall affect or <br />impair the obligation of the Agency, which is absolute and <br />unconditional, to pay the principal of and interest on the <br />Bonds to the respective Owners of the Bonds at the respective <br />dates of maturity from Pledged Tax Revenues, as herein <br />provided, or affect or impair the right, which is also absolute <br />and unconditional, of the Owners to institute suit to enforce <br />the payment by virtue of the contract embodied in the Bonds, <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-33- <br />