HomeMy WebLinkAbout01775such counsel.
Section 16. The following events shall be events of
default under this ordinance:
(a) If the city fails to make the payments into the
1956 Bond Redemption Fund required in this ordinance at the times
herein provided.
(b) If payment of the principal of any of the Bonds at
the time herein specified for such payment shall not be made.
(c) If payment of any installment of interest due on
any Bond outstanding shall not be made on the date specified in
the appurtenant coupon for the payment of such interest.
(d) If Crown Zellerbach Corporation shall fail to ful-
fill any of the terms, conditions or covenants of the Lease or any
modification thereof or any subsequent lessee shall fail to ful-
fill any of the terms, conditions or covenants of any subsequent
lease or any modification thereof of the Leased System and the
city shall fail to take the required measures to correct such default
and such default shall. continue for a period of thirty days after
written notice has been given to the City Council specifying such
default and requiring the same to be remedied.
(e) If default shall be made by the city in the ob-
servance of any other covenants, conditions or agreements of the
city under this ordinance or of the Bonds and such default shall
continue for a period of thirty days after written notice has
been given to the City Council specifying such default and re-
quiring the same to be remedied.
Section 17. That upon the happening of any event of
default specified in Section 16 hereof, then in every such case
the Trustee may proceed, and upon the written request of the
24.