52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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No remedy by the terms of this General Bond Legislation conferred upon or reserved to the Fiscal Agent, any trustees appointed pursuant to this subsection (a) (or to the Holders of Bonds and Notes) is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given to the Fiscal Agent, such trustee or to the Holders of Bonds and Notes hereunder or now or hereafter existing. No delay or omission to exercise any right or power accruing upon any default or event of default shall impair any such right or power or shall be construed to be a waiver of any such event of default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient. No waiver of any event of default hereunder, whether by the Fiscal Agent, any trustee appointed pursuant to this subsection (a) or by the Holders of Bonds or Notes, shall extend to or shall affect any subsequent default or event of default or shall impair any rights or remedies consequent thereon. (b) Riaht of Holders to Direct Proceedinas. Anything in this Ordinance to the contrary notwithstanding, the Holders of fifty-one percent (51%) in aggregate principal amount of outstanding Bonds and Notes, shall have the right at any time, by an instrument or instruments in writing executed and delivered to the Fiscal Agent, to direct the method and place of conducting all proceedings to be taken in connection with the enforcement of the terms and conditions of this Ordinance or the Bonds or Notes or any other proceedings hereunder or thereunder; provided that such direction shall not be otherwise than in accordance with the provisions of law and of this Ordinance, and provided that the Fiscal Agent be indemnified to its satisfaction as herein provided for. (c) Remedies Vested in Fiscal Aaent. All rights of action (including the right to file proof of claims) under this General Bond Legislation, any Series Legislation or under any Bonds or Notes may be enforced by the Fiscal Agent without the possession of any of the Bonds or Notes or the production thereof in any trial or other proceeding relating thereto and any such suit or proceeding instituted by the Fiscal Agent shall be brought in its name as Fiscal Agent without the necessity of joining as plaintiffs or defendants any Holders of the Bonds or Notes, and any recovery of judgment shall be for the benefit of the Holders of outstanding Bonds and Notes, subject, however, to the provisions of this General Bond Legislation. (d) Riahts and Remedies of Holders. No Holder of any Bond or Note of any issue sold pursuant to this Ordinance and the Series Legislation shall have any right to institute any suit, action or proceeding for the enforcement of this Ordinance, for the execution of any trust hereof or any other remedy hereunder, unless an event of default has occurred and is continuing, of which the Fiscal Agent has been notified as provided in Section 25(g), or of which by said paragraph it is deemed to have notice, and the Holders of at least twenty-five percent (25%) in aggregate principal amount of outstanding Bonds and Notes, shall have made written request to the Fiscal Agent and shall have afforded the Fiscal Agent reasonable opportunity to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name, and have offered to the Fiscal Agent indemnity as provided in Section 25, and the Fiscal Agent shall thereafter fail or refuse to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; and such notification, request and offer of indemnity are hereby declared in every case at the option of the Fiscal Agent to be conditions precedent to the execution of the powers and trusts of this Ordinance, and to any action or cause of action for the enforcement of this Ordinance, or for any other remedy hereunder; it being understood and intended that no one or more Holders of such Bonds or Notes shall have any right in any manner whatsoever to affect, disturb or prejudice the security of this Ordinance by its, his, her or their action or to enforce any right hereunder except in the manner herein provided and -27-