1. MIDA Bond-Bethany on 42nd - Laserfiche WebLink

ARTICLE VIII DEFAULT PROVISIONS AND REMEDIES OF BONDHOLDERS SECTION 8.1. DEFAULTS: EVENTS OF DEFAUL T. If any ofthe following events occur, it is hereby defined as and declared to be and to constitute a "Default" or an "Event of Default": (a) Failure to pay any interest on any Bond when and as the same shall have become due and payable; (b) Failure to pay the principal of or premium, if any, on any Bond when and as the same shall become due and payable whether at the stated maturity thereof or by acceleration or redemption pursuant to any mandatory redemption provisions ofthe Bond or this Indenture; ( c) Failure by the Issuer to perform or observe any other covenant, agreement, or condition on the part ofthe Issuer contained in this Indenture or in the Bonds, which failure or default shall have continued for a period of thirty (30) days after written notice, by registered or certified mail, to the Issuer and the Company specifying the failure or default and requiring the same to be remedied, which notice may be given by the Trustee in its discretion and which notice shall be given by the Trustee at the written request of the holder or holders of combined holdings of a majority of the principal amount of Outstanding Bonds; provided, however, if said failure or default be such that it cannot be corrected within such period, it shall not constitute an Event of Default if corrective action is instituted by the Issuer or the Company within such period and diligently pursued until the failure or default is corrected; and (d) The occurrence and continuance of an Event of Default as defined under the Loan Agreement or the Mortgage. SECTION 8.2. REMEDIES. Upon the occurrence and continuance of an Event of Default described in clauses (a) or (b) of Section 8.1 hereof, the Trustee may, and upon written request of a majority of the Bondholders, shall declare the Bonds to be due and payable immediately, by a notice in writing to the Issuer and the Company. If an Event of Default described in clauses (c) or (d) of Section 8.1 hereof occurs and is continuing, the Trustee will declare the Bonds to be due and payable only if directed to do so by one hundred percent (100%) of the Bondholders after receipt of indemnity satisfactory to the Trustee against costs, expenses, and liabilities to be incurred therein or thereby. Upon any such declaration such principal shall become immediately due and payable. In addition to the above remedy the Trustee may, and upon written request of the Owners of a majority ofthe principal amount of Outstanding Bonds shall, enforce its rights by anyone or more of the following remedies: 8-1