§ 40-36-18 — Waiver of default or breach of duty or contract not to extend to subsequent default or breach of duty or contract

North Dakota § 40-36-18

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-36: Revenue Bond Refinancing Law

Text

default or breach of duty or contract.
No waiver of any default or breach of duty or contract, whether such waiver is by a holder of
refunding bonds or by a trustee therefor, shall extend to or affect any subsequent default or
breach of duty or contract, nor shall any such waiver impair any rights or remedies on the

bonds. No delay or omission of any bondholder, or any trustee therefor, to exercise any right or
power accruing upon any default shall impair any such right or power or constitute a waiver of
any such default or an acquiescence therein. Every substantive right and remedy conferred
upon the holders of refunding bonds may be enforced and exercised from time to time and as
often as may be deemed expedient. In case any suit, action, or proceeding to enforce any right
or to exercise any remedy shall be brought or taken and then discontinued or abandoned or
shall be determined adversely to the holder of the refunding bonds or to any trustee therefor,
then and in every such case, the municipality and such holder or such trustee shall be restored
to their former positions, rights, and remedies as if no such suit, action, or proceeding had been
brought or taken.