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<br />\w <br /> <br />7.3.2 <br /> <br />~: <br /> <br />7.3.3 <br /> <br />\,.. <br /> <br />Primary Agreement <br /> <br />with Section 7.11 hereof of the specific act or <br />omission that constitutes the default, with <br />sufficient detail to provide the defaulting party <br />a reasonable opportunity to cure such default. <br />The defaulting party shall have twenty (20) <br />business days from the date of receipt of such <br />notification to cure such default. In the event <br />of default, and during the above-specified cure <br />period, performance under this Agreement shall <br />continue as though the default had never occurred. <br />In the event the default is not cured within the <br />above specified cure period, then the non- <br />defaulting party may, at its sole option, <br />terminate this Agreement for default. Such <br />termination shall be accomplished by written <br />notice of termination delivered in accordance with <br />Section 7.11 hereof and shall be effective at the <br />close of business on the date such notice is <br />received or the close of business on the <br />termination date specified in such notice, <br />whichever occurs later. <br /> <br />Te~ination for Convenience. The City may <br />terminate this Agreement in whole or in part <br />whenever for any reason the City shall determine <br />that such termination is in the best interest of <br />the City. In the event that the City elects to <br />terminate the Agreement pursuant to this <br />provision, it shall so notify the Contractor in <br />accordance with Section 7.11 hereof and the <br />termination shall be effective as of the close of <br />business on the date such notice is received or <br />the close of business on the termination date <br />specified in such notice, whichever occurs later. <br /> <br />Te~ination for Bankruptcy or Insolvency. In the <br />event that the Contractor shall cease conducting <br />business in the normal course due to insolvency, <br />become insolvent, make a general assignment for <br />the benefit of creditors, suffer or permit the <br />appointment of a receiver for its business or its <br />assets or avail itself of, or become subject to, <br />any proceeding under the Federal Bankruptcy Act or <br />any other statute of any state relating to <br />insolvency or the protection of the rights of <br />creditors, the City may, at its option, terminate <br />this Agreement. In the event the City elects to <br />terminate this Agreement under this provision, it <br />shall do so by sending notice of termination to <br />the Contractor in accordance with Section 7.11 <br />hereof and the termination shall be effective <br />of the close of business on the date such notic <br />is received or the close of business on the <br />termination date specified in such notice, <br /> <br /> <br />Page 17 <br />