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OUTFRONT MEDIA LLC
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Last modified
6/30/2022 4:58:00 PM
Creation date
6/30/2022 4:54:46 PM
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Contracts
Company Name
OUTFRONT MEDIA LLC
Contract #
A-2022-059
Agency
Public Works
Council Approval Date
4/19/2022
Expiration Date
4/18/2047
Insurance Exp Date
6/1/2023
Destruction Year
2052
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such obligation requires activity over a period of time and Company shall have commenced to perform <br />whatever may be required to cure the particular default within ten (10) days after such notice and <br />continues such performance diligently, said time limit may be waived in the manner and to the extent <br />allowed by the City. <br />7. The filing of a voluntary petition in bankruptcy by the Company; the adjudication of <br />Company as bankrupt; the appointment of any receiver of Company's assets; the making of a general <br />assignment for the benefit of creditors; a petition or answer seeking an arrangement for the <br />reorganization of the Company under any Federal Reorganization Act, including petitions or answers <br />under Chapters X or XI of the Bankruptcy Act; the occurrence of any act which operates to deprive the <br />Company permanently of the rights, powers, and privileges necessary for the proper conduct and <br />operation of the Advertising Sites; the levy of any attachment or execution which substantially interferes <br />with the Company's operations under this Agreement and which attachment or execution is not vacated, <br />dismissed, stayed or set aside within a period of ninety (90) days. <br />This Agreement may be terminated by the City for any of the above -listed events of default after <br />providing written notice to Company and if the event of default is not cured within the specified cure <br />period provided in this Section. City shall be entitled to receive, and the Company shall pay City earned <br />revenue from advertising in the form of the pro -rated MAG payment and/or the Revenue Share (if <br />greater) up to the date of termination. <br />b. Notwithstanding Section 18.a, an ASLA may be terminated for convenience by the City <br />upon one hundred eighty (180) days written notice of termination, provided that (i) such termination <br />cannot occur within the initial ten (10) years from the Effective Date of such ASLA, and (ii) such <br />termination is to redevelop the site for another purpose at City's sole discretion. In such event, City <br />shall be entitled to receive, and the Company shall pay City compensation for all pro -rated MAG <br />Payments and/or the Revenue Share (if greater) due to the City up to the termination date. For the <br />avoidance of doubt, any termination of a particular ASLA does not affect the Term of the Agreement. <br />The Parties agree that the terms of this Section 18.b. shall appear in each ASLA between the parties. <br />C. At the end of the Term, Renewal Term, or an ASLA, or if the Agreement or ASLA is <br />earlier terminated, Company shall remove the digital billboards and digital banners at its own cost and <br />return the Advertising Sites to their original condition. <br />19. SECURITY FOR PERFORMANCE <br />The Company shall establish a bond in the sum of $500,000 for each Digital Billboard <br />Advertising Site and $150,000 for each Digital Banner Advertising Site, within thirty (30) days after full <br />execution of each respective ASLA, to insure faithful performance of Company's covenants for <br />construction, maintenance, repair or replacement of the digital billboards and digital banners, timely <br />payment of all revenues due the City under this Agreement, and restoration of the Advertising Sites to <br />the condition existing prior to the construction of the digital billboards and digital banners. The bond <br />shall be in a form acceptable to the City Attorney and issued by a company licensed to do business in the <br />State of California. Company shall not continence any work until the surety required herein is/are <br />supplied to and approved by the City. <br />Page 10 of 31 <br />
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