ELLER MEDIA COMPANY 1-2000 - Laserfiche WebLink

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. . for two (2) years, or such greater period may be required by law. The Grantee shall maintain financial records in accordance with generally accepted accounting principles. 16. SECURITY INTERESTS Any security interest or lien against the shelters and/or benches shall be subordinate to all rights of the CITY. 17. INTERESTS OF GRANTEE The GRANTEE covenants that it presently has no interest and shall not acquire any interest, directly or indirectly, that would conflict in any manner or degree with the performance of the services contemplated by this Agreement. No person having such an interest shall be employed by or associated with the GRANTEE. By accepting this Agreement, GRANTEE acknowledges that notice is and was hereby given to GRANTEE pursuant to California Revenue and Taxation Code Section 107.6 that use or occupancy of any public property pursuant to the authorization herein set forth may create a possessor interest which may be subject to the payment of property taxes levied upon such interest. GRANTEE shall be solely liable for, and shall pay and discharge prior to delinquency, any and all possessor interest taxes or other taxes levied against GRANTEE's right to possession, occupancy or use of any public property pursuant to any right of possession, occupancy or use created by this Agreement. 18. TERMINATION Upon the occurrence of anyone or more of the events of default hereinafter described, this Agreement shall be subject to termination. As a condition precedent thereto, the CITY will give GRANTEE such notice as provided below, by certified mail or personal delivery of the date set for termination thereof; the grounds therefor; and that an opportunity to be heard thereon will be afforded on or before said date, if a request is made therefor. Events of Default: I. The failure of the GRANTEE to punctually payor make the payments herein when due, where the delinquency continues beyond ten (10) days following written notice for payment thereof. 2. The failure of the GRANTEE to operate in the manner required by this Agreement, where such failure continues for more than thirty (30) days after written notice from the CITY to correct the condition therein specified. 3. The failure of the GRANTEE to construct and/or install the bus shelters, bus benches or other improvements pursuant to and in accordance with the 8