Laserfiche WebLink
compel the County or any such members, officers or employees to perform and carry out their duties <br /> under Chapter 32 and their agreements with the Owners as provided in this Indenture including but <br /> not limited to the duty of the County to commence and pursue foreclosure proceedings if and to the <br /> extent required by Section 5.3(b) hereof; <br /> (b) By suit in equity to enjoin any actions or things which are unlawful or violate the <br /> rights of the Owners; or <br /> (c) By a suit in equity to require the County and its members, officers and employees to <br /> account as the trustee of an express trust. <br /> If an event of default shall have occurred and be continuing and if requested so to do by the <br /> Owners of at least twenty-five percent (25%) in aggregate principal amount of Outstanding Bonds <br /> and if indemnified to its satisfaction, the Trustee shall be obligated to exercise such one or more of <br /> the rights and powers conferred above, as the Trustee, being advised by counsel, shall deem most <br /> expedient in the interests of the Owners of the Bonds. <br /> In the event that the Trustee, upon the happening of an event of default, shall have taken any <br /> action, by judicial proceedings or otherwise, pursuant to its duties hereunder, whether upon its own <br /> discretion or upon the request of the Owners of twenty-five percent (25%) in aggregate principal <br /> amount of the Bonds then Outstanding, it shall have full power, in the exercise of its discretion for <br /> the best interests of the Owners of the Bonds, with respect to the continuance, discontinuance, <br /> withdrawal, compromise, settlement or other disposal of such action; provided, however, that the <br /> Trustee shall not, unless there no longer continues an event of default, discontinue, withdraw, <br /> compromise or settle, or otherwise dispose of any litigation pending at law or in equity, if at the time <br /> there has been filed with it a written request signed by the Owners of a majority in aggregate <br /> principal amount of the Outstanding Bonds hereunder opposing such discontinuance, withdrawal, <br /> compromise, settlement or other such litigation. Any suit, action or proceeding which any Owner of <br /> Bonds shall have the right to bring to enforce any right or remedy hereunder may be brought by the <br /> Trustee for the equal benefit and protection of all Owners of Bonds similarly situated and the Trustee <br /> is hereby appointed (and the successive respective Owners of the Bonds issued hereunder, by taking <br /> and holding the same, shall be conclusively deemed so to have appointed it) the true and lawful <br /> attorney in fact of the respective Owners of the Bonds for the purposes of bringing any such suit, <br /> action or proceeding and to do and perform any and all acts and things for and on behalf of the <br /> respective Owners of the Bonds as a class or classes, as may be necessary or advisable in the opinion <br /> of the Trustee as such attorney-in-fact. <br /> No Owner of any Bond issued hereunder shall have the right to institute any suit, action or <br /> proceeding at law or in equity, for any remedy under or upon this Indenture, unless (a) such Owner <br /> shall have previously given to the Trustee written notice of the occurrence of an event of default; <br /> (b)the Owners of a majority in aggregate principal amount of all the Bonds then Outstanding shall <br /> have made written request upon the Trustee to exercise the powers hereinbefore granted or to <br /> institute such action, suit or proceeding in its own name; (c) said Owners shall have tendered to the <br /> Trustee indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to <br /> be incurred in compliance with such request; and (d)the Trustee shall have refused or omitted to <br /> comply with such request for a period of sixty (60) days after such written request shall have been <br /> received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, <br /> request, tender of indemnity and refusal or omission are hereby declared, in every case, to be <br /> conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder; it being <br /> 48 <br />