Agenda Packet_2022-01-18 - Laserfiche WebLink

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the particular default and continues such performance diligently, said time limit may be waived in the manner and to the extent allowed by the City. e. The failure of Company to keep, perform, and observe all other promises, covenants, conditions, and agreements set forth in this Agreement, where such failure continues for more than thirty(30)days after written notice from the City for correction thereof,provided that where fulfillment of such obligation requires activity over a period of time and Company shall have commenced to perform whatever may be required to cure the particular default within ten (10) days after such notice and continues such performance diligently, said time limit may be waived in the manner and to the extent allowed by the City. f. The filing of a voluntary petition in bankruptcy by the Company; the adjudication of Company as bankrupt; the appointment of any receiver of Company's assets; the malting of a general assignment for the benefit of creditors; a petition or answer seeking an arrangement for the reorganization of the Company under any Federal Reorganization Act, including petitions or answers under Chapters X or XI of the Bankruptcy Act; the occurrence of any act which operates to deprive the Company permanently of the rights, powers, and privileges necessary for the proper conduct and operation of the bus shelters; the levy of any attachment or execution which substantially interferes with the Company's operations under this Agreement and which attachment or execution is not vacated, dismissed, stayed or set aside within a period of ninety(90)days. This Agreement may be terminated by the City for any of the above-listed events of default after providing written notice to Company and if the event of default is not cured within the specified cure period provided in this Section. City shall be entitled to receive, and the Company shall pay City earned revenue from advertising in the form of the pro-rated MAG payment and/or the Revenue Payment up to the date of termination. B.Notwithstanding subsection A. of this Section, after five (5)years from the Effective Date,this Agreement may be terminated for convenience by the City upon ninety (90) days written notice of termination. In such event, Company shall be entitled to receive and the City shall pay Company compensation for all services performed by Company prior to the termination date. C. In the event City is paying Company for services, as a condition of such payment, Company shall provide all services paid for by the City and work product(s)completed as of the date of termination. 19. SECURITY FOR PERFORMANCE The Company shall establish a bond in the sum of$50,000.00 within forty- five(45)days after the effective date of this Agreement to insure faithful performance of Company's covenants for construction, maintenance, repair or replacement of the shelters,timely payment of all revenues due the City under this Agreement, and restoration of shelter and/or bench sites to the condition existing prior to installation of the shelters and/or benches, whenever a shelter and/or bench is removed or relocated. The bond shall be in a form acceptable to the City Attorney, and issued by a company licensed to do business in the State of California. Company shall not commence any work or bench installation until the surety required herein is/are supplied to and approved by the City. City Council 24 — 102 1/ Page 2 of 27