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DO NOT RECORD completed or cannot reasonably be completed within sixty (60) days from the date of the damage, destruction or condemnation, this License Agreement will become null and void. (b) In the event of condemnation, unless Licensee is allowed by the condemning authority to continue its operations in the License Area, this Agreement shall terminate as of the date title to the Property vests in the condemning authority or Licensee is required to cease its operations, whichever is earlier. If any property described herein or hereinafter added hereto is taken in eminent domain, the entire award shall be paid to Licensor. Section 5.02 Termination/Events of Default (a) This Agreement may be terminated on fifteen (15) days prior written notice as follows: (1) by either party upon a default of any covenant or term hereof by the other party, which default has been noticed and is not cured within thirty (30) days of receipt of written notice of default, provided that the grace period for any monetary default is only ten (10) days from receipt of notice; or (2) by Licensee if Licensee is unable to occupy and utilize the License Area due to any action of the Department of Transportation. (b) Licensor shall have at its sole discretion the option of terminating this Agreement if Licensee loses its license to provide taxi cab transportation services for any reason, including, but not limited to, non-renewal, cancellation, or expiration of its license to provide such services. Licensee shall notify the City immediately and in writing of its inability to obtain or maintain such permits, licenses, approvals, waivers, and exemptions. Said inability shall be cause for termination of this Agreement. (c) Failure of Licensee to maintain current insurance coverage in the amounts and pursuant to the terms contained herein shall constitute default of contract which shall be cause for termination of this Agreement. (d) Failure of Licensee to maintain current OCTAP certification and required permits shall constitute default of contract which shall be cause for termination of this Agreement by Licensor. ARTICLE 6 - ASSIGNMENT, ABANDONMENT, DEFAULT, INSOLVENCY Section 6.01 Assignment Licensee may not assign this Agreement. This Agreement is personal to Licensee, and Licensee will not assign, transfer or sell this Agreement or any privilege hereunder in whole or in part, and any attempt to do so will be void and confer no right upon any third party- 8 25F-11