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Section 8.03. Power of Trustee to Control Proceedings. In the event that the
<br />Trustee, upon the happening of an Event of Default, shall have taken any action, by judicial
<br />proceedings or otherwise, pursuant to its duties hereunder, whether upon its own discretion or
<br />upon the request of the Owners of a majority in principal amount of the Bonds then
<br />Outstanding, it shall have full power, in the exercise of its discretion for the best interests of the
<br />Owners of the Bonds, with respect to the continuance, discontinuance, withdrawal,
<br />compromise, settlement or other disposal of such action; provided, however, that the Trustee
<br />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
<br />time there has been filed with it a written request signed by the Owners of a majority in principal
<br />amount of the Outstanding Bonds hereunder opposing such discontinuance, withdrawal,
<br />compromise, settlement or other disposal of such litigation.
<br />Section 8.04. Limitation on Owner's Right to Sue. No Owner of any Bond issued
<br />hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for
<br />any remedy under or upon this Indenture, unless (a) such Owner shall have previously given to
<br />the Agency, the Trustee and any Insurer written notice of the occurrence of an Event of
<br />Default; (b) the Owners of a majority in aggregate principal amount of all the Bonds then
<br />Outstanding shall have made written request upon the Trustee to exercise the powers
<br />hereinbefore granted or to institute such action, suit or proceeding in its own name; (c) said
<br />Owners shall have tendered to the Trustee indemnity reasonably acceptable to the Trustee
<br />against the costs, expenses and liabilities to be incurred in compliance with such request; and
<br />(d) the Trustee shall have refused or omitted to comply with such request for a period of sixty
<br />(60) days after such written request shall have been received by, and said tender of indemnity
<br />shall have been made to, the Trustee.
<br />Such notification, request, tender of indemnity and refusal or omission are hereby
<br />declared, in every case, to be conditions precedent to the exercise by any Owner of any remedy
<br />hereunder; it being understood and intended that no one or more Owners shall have any right in
<br />any manner whatever by his or their action to enforce any right under this Indenture, except in
<br />the manner herein provided, and that all proceedings at law or in equity to enforce any provision
<br />of this Indenture shall be instituted, had and maintained in the manner herein provided and for
<br />the equal benefit of all Owners of the Outstanding Bonds.
<br />The right of any Owner of any Bond to receive payment of the principal of (and
<br />premium, if any} and interest on such Bond as herein provided, shall not be impaired or
<br />affected without the written consent of such Owner, notwithstanding the foregoing provisions of
<br />this Section or any other provision of this Indenture.
<br />Section 8.05. Non-Waiver. Nothing in this Article VIII or in any other provision of this
<br />Indenture or in the Bonds, shall affect or impair the obligation of the Agency, which is absolute
<br />and unconditional, to pay from the Housing Tax Revenues and other amounts pledged
<br />hereunder, the principal of and interest and redemption premium (if any) on the Bonds to the
<br />respective Owners on the respective Interest Payment Dates, as herein provided, or affect or
<br />impair the right of action, which is also absolute and unconditional, of the Owners or the
<br />Trustee to institute suit to enforce such payment by virtue of the contract embodied in the
<br />Bonds.
<br />A waiver of any default by any Owner or the Trustee shall not affect any subsequent
<br />default or impair any rights or remedies on the subsequent default. No delay or omission of any
<br />Owner to exercise any right or power accruing upon any default shall impair any such right or
<br />power or shall be construed to be a waiver of any such default or an acquiescence therein, and
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