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.. <br />for two (2) years, or such greater period may be required by law. The Grantee shall <br />maintain financial records in accordance with generally accepted accounting principles. <br />16. SECURITY INTERESTS <br />Any security interest or lien against the shelters and/or benches shall be subordinate to all <br />rights of the CITY. <br />17. INTERESTS OF GRANTEE <br />The GRANTEE covenants that it presently has no interest and shall not acquire any <br />interest, directly or indirectly, that would conflict in any manner or degree with the <br />performance of the services contemplated by this Agreement. No person having such an <br />interest shall be employed by or associated with the GRANTEE. <br />By accepting this Agreement, GRANTEE acknowledges that notice is and was hereby <br />given to GRANTEE pursuant to California Revenue and Taxation Code Section 107.6 <br />that use or occupancy of any public property pursuant to the authorization herein set forth <br />may create a possessor interest which may be subject to the payment of property taxes <br />levied upon such interest. GRANTEE shall be solely liable for, and shall pay and <br />discharge prior to delinquency, any and all possessor interest taxes or other taxes levied <br />against GRANTEE'S right to possession, occupancy or use of any public property <br />pursuant to any right of possession, occupancy or use created by this Agreement. <br />18. TERMINATION <br />Upon the occurrence of any one or more of the events of default hereinafter described, <br />this Agreement shall be subject to termination. As a condition precedent thereto, the <br />CITY will give GRANTEE such notice as provided below, by certified mail or personal <br />delivery of the date set for termination thereof; the grounds therefor; and that an <br />opportunity to be heard thereon will be afforded on or before said date, if a request is <br />made therefor. <br />Events of Default: <br />1. The failure of the GRANTEE to punctually pay or make the payments herein <br />when due, where the delinquency continues beyond ten (10) days following <br />written notice for payment thereof. <br />2. The failure of the GRANTEE to operate in the manner required by this <br />Agreement, where such failure continues for more than thirty (30) days after <br />written notice from the CITY to correct the condition therein specified. <br />3. The failure of the GRANTEE to construct and/or install the bus shelters, bus <br />benches or other improvements pursuant to and in accordance with the <br />8 <br />