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and interest not yet due from assessed property owners shall be <br />cancelled without payment. <br /> <br /> Section 6. PAYMENT ON BONDS. The principal and <br />interest on the bonds shall be payable at Bank of America <br />National Trust and Savings Association, Main Office, San <br />Francisco, California. Principal and interest shall be paid by <br />check, draft or warrant mailed to the registered owner of each <br />bond at the owner's address appearing on the register maintained <br />by the registrar on the 15th day preceding the date of interest <br />payment or maturity of each bond. <br /> <br /> Section 7. REREGISTRATION. Any bond may be <br />registered to a new owner by completing the assignment <br />certificate on the reverse of the bond and delivering the bond <br />to the registrar. Upon reregistration, any bond may be replaced <br />by one or more bonds of the same maturity and aggregate amount <br />in denominations of $5000 or any integral multiple thereof. <br /> <br /> Section 8. COVENANTS. In the event of a default in <br />the 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 <br />following covenants, which shall constitute a contract with the <br />bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any <br />installment of the principal or interest of any assessment <br />levied in Assessment District No. 1984-1, Hopyard Road, becomes <br />delinquent, the City Council shall cause an action to be filed <br />in the Superior Court of the County of Alameda to foreclose the <br /> <br />5 <br /> <br /> <br />