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(f) In the event City and District are unsuccessful in executing the operationally <br />necessary lease agreement referenced in the recitals of this Agreement, City may terminate this <br />Agreement pursuant to the procedures set forth in this section. Contractor shall be compensated <br />for any and all services rendered prior to such termination date at its monthly rate set forth in <br />Article 5. <br />8.2 Termination by Contractor. Contractor shall have the right to terminate this <br />Agreement upon the occurrence of any one of the following events: <br />(a) City fails to provide funds to be deposited in the Operating Account in <br />accordance with Article 6 of this Agreement, and such failure shall continue for a period of thirty <br />(30) days after written notice by Contractor requesting that such funds be so provided; or <br />(b) City fails to keep, observe, or perform any other material covenant, <br />agreement, term, or provision of this Agreement to be kept, observed or performed by City, and <br />such default continues for a period of thirty (30) days after notice of such default by Contractor to <br />City; or <br />(i) City applies for or consents to the appointment of a receiver, trustee <br />or liquidator of City or of all or a substantial part of its assets; <br />(ii) City files a voluntary petition in bankruptcy or commences a <br />proceeding seeking reorganization, liquidation, or an arrangement with creditors; <br />(iii) City files an answer admitting the material allegations of a <br />bankruptcy petition, reorganization proceeding, or insolvency proceeding filed against City; <br />(iv) City admits in writing its inability to pay its debts as they come due; <br />(v) City makes a general assignment for the benefit of creditors; or <br />(vi) an order, judgment or decree is entered by a court of competent <br />jurisdiction, on the application of a creditor, adjudicating City a bankrupt or insolvent or approving <br />a petition seeking reorganization of City or appointing a receiver, trustee or liquidator of City or <br />of all or a substantial part of the assets of City, and such order, judgment or decree continues <br />unstayed and in effect for any period of sixty (60) consecutive days; <br />Contractor's right to terminate this Agreement pursuant to this Section shall be exercised <br />upon written notice to City given at any time after the applicable grace period has expired. <br />Contractor's termination notice shall specify the effective date of such termination. which date <br />shall not be less than thirty (30) days or more than sixty (60) days after the date of Contractor's <br />termination notice. <br />8.3 Curing Defaults. Any default by Contractor or City under the provisions of Article <br />8, as the case may be, which is susceptible of being cured shall not constitute a basis for termination <br />of this Agreement if the nature of such default shall not permit it to be cured within the grace period <br />-21- <br />