25A - AGMT - MUNICIPAL PARKING FACILITIES OPERATOR

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2. Failure of the Operator to maintain a quality of service satisfactory to the Contract Administrator as required by Sections 12 and 13 hereof, after service of a Three -Day Notice to correct the unsatisfactory condition. The happening of any act, which results in the suspension or revocation of the rights, power, licenses, permits and authorities necessary for the conduct and operation of the Parking Facilities as herein authorized. 4. The transfer of the interest of the Operator under this Agreement by operation of law, or otherwise, to any other person, firm or corporation. 5. Any substantial change in the ownership or proprietorship of the Operator, which in the opinion of the City, is not in the best interest of the City or the public. 6. Failure of the Operator to keep, perform and observe each and every other promise, covenant, condition and agreement set forth in this Agreement on its part to be kept, performed or observed within three (3) days after receipt of written notice of default there under from the City, except where fulfillment of the Operator's obligation requires activity over a period of time and the Operator shall have commenced to perform whatever may be required for fulfillment within three (3) days after receipt of such notice and continues such performance without interruption except for causes beyond its control. 7. The levy of any attachment or execution, or the appointment of any receiver, or the execution of any other process of any court of competent jurisdiction which does or as a direct consequence of such process will interfere with the Operator's occupation of the Parking Facilities and will interfere with its operations under this Agreement, and which attachment, execution, receivership, or other process of such court is not vacated, dismissed, or set aside within a period of thirty (30) days. The Operator shall become insolvent, or shall take the benefit of any present or future insolvency statute, or shall make a general assignment for the benefit of creditors, or file a voluntary petition in bankruptcy, or a petition or answer seeking an arrangement for its reorganization, or the readjustment of its indebtedness under the federal bankruptcy laws or under any other laws or statute of the United States, or of any state law, or consent to the appointment of a receiver, trustee or liquidator of all or substantially all of its property. 9. By order or decree of a court the Operator shall be adjudged bankrupt, or an order shall be made approving a petition filed by any of the creditors, or by any of the stockholders of the Operator seeking its reorganization or the readjustments of its indebtedness under the federal bankruptcy laws, or under law or statute of the United States, or any state thereof. 23 25A-27