06-10-13 Regular Meeting of La Porte City Council

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CONVENIENCE, WHICH DOES NOT CONSTITUTE A DEFAULT OR BREACH OF THIS AGREEMENT. CONTRACTOR WAIVES ANY CLAIM (OTHER THAN ITS CLAIM FOR PAYMENT AS SPECIFIED IN THIS SECTION), IT MAY HAVE NOW OR IN THE FUTURE FOR FINANCIAL LOSSES OR OTHER DAMAGES RESULTING FROM THE CITY’S TERMINATION FOR CONVENIENCE. Termination for Cause by Contractor: Contractor may terminate its performance under this Agreement only if the City defaults and fails to cure the default after receiving minimum thirty (30)days’ advancewritten notice of itsame.Default by the City occurs if the City fails to perform one or more of its material duties under this Agreement. If a default occurs and Contractor wishes to terminate the Agreement, then Contractor must deliver a written notice to the City via its city manager,describing the default and the proposed termination date. Theproposed terminationdate must be at least thirty (30)days after the city manager receives notice. Contractor, at its sole option, may extend the proposed termination date to a later date. If the City cures the default before the proposed termination date, then the proposed termination is ineffective. If the City does not cure the default before the proposed termination date, then Contractor may terminate its performance under this Agreement on the termination date. To effect final termination, the contractor must notify the city manager in writing. Termination for Cause by City: If Contractor defaults under this Agreement, the City managermay either terminate this Agreement or allow Contractor to cure the default as provided below. The City’s right to terminate this Agreement for Contractor’s default is cumulative of all rights and remedies, which exist now or in the future. Default by Contractor occurs if: (1)Contractor fails to perform any of its duties under this Agreement; (2)Contractor becomes insolvent; (3)all or a substantial part of Contractor’s assetsare assigned for the benefit of its creditors; or (4)a receiver or trustee is appointed for Contractor. If a default occurs, the City managermay, but is not obligated to, deliver a written notice to Contractor describing the default and the proposedtermination date. The City manager, at his or heritssole option may extend the termination date to a later date. If the City managerallows Contractor to cure the default and Contractor does so to the City’smanagersatisfaction before the termination date, then the termination is ineffective. If Contractor does not cure the default before the termination date, then the City managermay terminate this Agreement on the proposedtermination date, at no further obligation of the Corporation. To effect final termination, the City managermust notify Contractor in writing. After receiving the notice, Contractor shall, unless the notice directs otherwise, immediately 2