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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />ARTICLE XII <br />DEFAULTS AND REMEDIES <br /> <br />1201. Trustee to Exercise Powers of Statut.ory Trustee. The Trustee <br />shall be and hereby is vested with all of the rights, powers and duties of a <br />trustee or receiver permitted t.o be secured by court action pursuant t.o law, <br />and any right of Bondh.olders to secure appointment of a trustee is hereby <br />abr.ogated. <br /> <br />1202. Events .of Default. <br />declared an "Event of Default": <br /> <br />Each of the foll.owing events is hereby <br /> <br />(1) if the payment of the principal or Redemption Price or <br />Sinking Fund Installment of any Bond is not made when and as the same shall <br />become due, whether at maturity or up.on. call for redemption, or otherwise; or <br /> <br />(2) if the payment of interest .on any Bond is not made when and <br />as the same shall bec.ome due and such default shall c.ontinue for a period of <br />thirty (30) days; or <br /> <br />(3) if the Agency shall fail or refuse to c.omply with the <br />provisions of the Act, or shall default in the performance or observance of <br />any other of the covenants, agreements or conditions .on its part in this <br />Resolution, any Supplemental Resolution, or in the Bonds c.ontained, and <br />continuance of such defaul t for a period of ninety (gO) days after written <br />notice thereof by the Trustee; or <br /> <br />(4) if the Agency shall file a petition or answer seeking <br />reorganization or arrangement under the federal bankruptcy laws .or any other <br />applicable law of the United States of America, or if a c.ourt .of c.ompetent <br />jurisdiction shall approve a petition, filed with or without the consent of <br />the Agency, seeking reorganization under the federal bankruptcy laws or any <br />other applicable law .of the United States of America, or if, under the <br />provisions .of any other law for the relief or aid of debtors, any court of <br />c.ompetent jurisdiction shall assume custody or control of the Agency or of the <br />whole or any substantial part .of its property; pr.ovided, however, that an <br />event .of default shall not be deemed to exist under the provisions of <br />paragraph (3) above upon the failure of any Servicer t.o enforce any obligation <br />undertaken by a Mortgagor pursuant to the provisions of a Mortgage, including <br />the making of the repayments required pursuant t.o such Mortgage, so long as <br />the Servicer may be otherwise permitted by law and so long as the Agency shall <br />be provided with money sources, other than withdrawals from or reimbursements <br />of the Debt Service Reserve Fund, sufficient in amount to pay the Sinking Fund <br />Installments of and interest on all Bonds as the same shall become due during <br />the peri.od f.or which the Servicer shall be permitted by law to abstain from <br />enforcing the .obligations of Mortgag.ors under the applicable Mortgages. <br /> <br />1203. Remedies. Upon the happening and continuance of any event of <br />default specified in Section 1201, then, and in each case, the Trustee may <br /> <br />56 <br />