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.