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<br />2/28/78
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<br />PROVISIONS FOR REDEMPTION
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<br />If this bond matures on or after April 1, 1990, it is redeemable at the prices, in the manner, and
<br />subject to the terms and provisions, and with the effect, set forth in the resolution of the Community
<br />Redevelopment Agency of the City of Santa Ana, referred to on the face of this bond, at the option of said
<br />Agency, on April I, 1989, or on any interest payment date thereafter prior to maturity.
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<br />Section 29. Events of Default. Each of the following events is hereby declared an "Event of
<br />Default", that is to say, if:
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<br />(a) The Agency shall fail to pay the principal on the Bonds when due and payable;
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<br />(b) The Agency shall fail to pay interest on the Bonds when due and payable;
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<br />(c) The Agency shall fail in the performance or observance by it of any. of the covenants,
<br />agreements or conditions contained in this resolution, or in the Bonds, and continues in such failure
<br />for a period of 60 days after written notice to the Agency by the FIscal Agent or by the holden
<br />of not less than 25 % in aggregate principal amount of the then outstanding Bonds; and
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<br />(d) Under the provisions of any law now or hereafter existing for the relief or aid of debton
<br />any court of competent jurisdiction shall assume custody or control of the Agency, and any such
<br />custody or control shall Dot be terminated within 60 days from the date of assumptien of such
<br />custody or control.
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<br />Upon the happening and continuance of any event or default, the Fiscal Agent may, and upon the
<br />request of the holden of not less than a majority in aggregate principal amount of the Bonds at the
<br />time outstanding shall, declare the principal of all the ßonds then outstanding, and the intèrest accrued
<br />thereon, to be due and payable immediately and upon such declaration the same shall become and
<br />shall be immediately due and payable, anything in this Resolution or in the Bonds contained to the
<br />contrary notwithstanding. This provision, however, is subject to the condition that if, at any time after
<br />the principal of the Bonds shall have been so declared due and payable, the Agency shall pay to or shall
<br />deposit with the Fiscal Agent a sum sufficient to pay all principal on the Bonds matured prior to such
<br />declaration and all matured installments of interest (if any) upon all the Bonds, and any and all other
<br />defaults known to the Fiscal Agent (other than in the payment of principal of and interest on the Bonds
<br />due and payable solely by reason of such declaration) shall have been made good or cured to the satis-
<br />faction of the Fiscal Agent (or provision deemed by the FIscal Agent to be adequate sball have been
<br />made therefor) then, and in every such case, the Holden of not less than a majority in aggregate
<br />principal amount of the Bonds then outstanding, by written notice to the Agency and to the Fiscal
<br />Agent, may, on behalf of the Holden of all the Bonds, rescind and annul such declaration and its
<br />consequences; but no such rescission and annulment shall extend to or shall afiect any subsequent
<br />default, or shall impair o,r exhaust any right or power consequent thereto.
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<br />In case one ex more of the events of default shall happen, then, in every such case, the FISCal
<br />Agent may, and upon written request of holders of not less than a majority in aggregate principal
<br />amount of the Bonds then outstanding (exclusive of the Bonds owned by the Agency or the City of
<br />Santa Ana), shall proceed to protect and enforce the rights vested in Bondholden by this Resolution by
<br />appropriate judicial proceeding.
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<br />In the event that the Fiscal Agent upon the occurrence of any event of default, shall have taken
<br />some action, it shall have the full power, in the exercise of its discretion, to continue, discontinue,
<br />withdraw, compromise, settle or otherwise dispose of such action unless, if the event of default is still
<br />in existence, and if at the time there has been filed with them the written request siglled by the
<br />Holders of at least a majority in principal amount of the Bonds outstanding opposing such continuance,
<br />discontinuance, withdrawal, settlement or other disposal of such litigation, then the Fiscal Agent may
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