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National Trust and Savings Association, Corporate Agency Division, <br />P.O. Box 370~0, San Francisco, California 94137. Principal and <br />interest shall be paid by check, draft or warrant mailed to the <br />registered owner of each bond at the owner's address appearing on <br />the register maintained by the registrar on the 15th day preceding <br />the date of interest payment or maturity of each bond. <br /> <br /> Section 7. REREGISTRATION. Any bond may be registered to <br />a new owner by completing the assignment certificate on the reverse <br />of the bond and delivering the bond to the registrar. Upon <br />reregistration,-any bond may be replaced by one or more bonds of the <br />same maturity and aggregate amount in denominations of $5000 or any <br />integral multiple thereof. <br /> <br /> Section 8. COVENANTS. In the event of a default in the <br />payment of any bond or any installment of interest thereon, <br />bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the following <br />covenants, which shall constitute a contract with the bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any installment of <br />principal or interest of any assessment levied in Assessment <br />District 1987-1, Koll Center Pleasanton becomes delinquent, the City <br />Council shall cause an action to be filed in the Superior Court of <br />the County of Alameda to foreclose the lien of the delinquent <br />assessment under the authority of Section 8830 and following of the <br />Streets and Highways Code of the State of California. This action <br />shall be filed not later than one hundred eighty (180) days after <br />the date of delinquency. <br /> <br /> 6 <br /> <br /> <br />