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