OCR Text |
Show -18- Article II. In case default shall be made in the payment when due of the coupons upon said bonds or of the principal of any of said bonds, or of any part of such principal, and such default shall have continued for six months after demand of payment thereof in writing by the Trustee or the presentation of coupons in accordance with the terms thereof, and of this indenture, and demand for payment thereof, then and not before, the trustee herein may in its discretion institute proceedings to foreclose in such manner and in any court or courts of competent jurisdiction, and by such action or actions at law or in equity, as it may be advised by counsel learned in the law; provided however, that notice of any sale of the property hereby conveyed and assigned under any decree of foreclosure and sale shall be published and upon any such action of foreclosure the Company agrees to pay the proper and reasonable expenses of such suit or suits, action or actions, and the proper and reasonable compensation of the Trustee for its services and the proper and reasonable fees of attorneys, and counsel employed by said Trustee and the proper and reasonable expenses of such sale or sales. Article III. In case default shall be made in the payment of the coupons and shall have continued as described in article II, then and in such case, the Trustee may by notice in writing to the Company, declare the principal of all the said bonds then out standing to be immediately due and payable and thereupon the principal of all the said bonds, then outstanding secured hereby, shall be and become immediately due and payable, anything contained in the bonds or herein to the contrary notwithstanding. Article IV. No holder of any bond secured hereby shall take, begin or prosecute any action, preceeding or |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |