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such action with due diligence until the failure <br />is cured. In the event of default, and during the <br />above -specified cure period, performance under <br />this Agreement shall continue as though the <br />default had never occurred. In the event the <br />default is not cured within the above specified <br />cure period, then the non -defaulting party may, at <br />its sole option, terminate this Agreement for <br />default. Such termination shall be accomplished <br />by written notice of termination delivered in <br />accordance with Section 7.11 hereof and shall be <br />effective at the close of business on the date <br />such notice is received or the close of business <br />on the termination date specified in such notice, <br />whichever occurs later. <br />7.3.2 Termination 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 />7.3.3 Termination for Bankruptcy or Insolvency. In the <br />event that a party shall cease conducting business <br />in the normal course due to insolvency, become <br />insolvent, make a general assignment for the <br />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 other party may, at its option, <br />terminate this Agreement. In the event the non - <br />defaulting party elects to terminate this <br />Agreement under this provision, it shall do so by <br />sending notice of termination to the defaulting <br />party in accordance with Section 7.11 hereof and <br />the termination shall be effective as of the close <br />of 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 />Primary Agreement Page 20 <br />