Laserfiche WebLink
DO NOT RECORD <br />Section 5.02 Termination /Events of Default <br />(a) In the event of a monetary default by Licensee, Licensor shall provide <br />written notice to Licensee detailing the amount owed and demanding <br />payment. If the monetary default is not cured within fifteen (15) days of <br />the written notice, Licensor may tenninate the Agreement. <br />(b) Licensor shall have at its sole discretion the option of terminating this <br />Agreement if Licensee loses its license to provide taxi cab transportation <br />services for any reason. Licensee shall notify the City immediately and in <br />writing of its inability to obtain or maintain such permits, licenses, <br />approvals, waivers, and exemptions. Said inability shall be cause for <br />immediate termination of this Agreement. <br />(c) Failure of Licensee to maintain current insurance coverage in the amounts <br />and pursuant to the terms contained herein shall constitute default of <br />contract which shall be cause for immediate termination of this <br />Agreement. <br />(d) Failure of Licensee to maintain current OCTAP certification and required <br />permits shall constitute default of contract which shall be cause for <br />immediate termination of this Agreement by Licensor. <br />ARTICLE 6 - ASSIGNMENT, ABANDONMENT, DEFAULT, <br />INSOLVENCY <br />Section 6.01 Assignment <br />Licensee may not assign this Agreement. This Agreement is personal to Licensee, and <br />Licensee will not assign, transfer or sell this Agreement or any privilege hereunder in <br />whole or in part, and any attempt to do so will be void and confer no right upon any third <br />party. <br />Section 6.02 Abandonment by Licensee <br />Should Licensee breach this Agreement and abandon the License Area prior to the <br />expiration of the Term or Renewal Term, Licensor may: <br />(a) Continue this License in effect by not terminating Licensee's right to the <br />License Area, in which event Licensor shall be entitled to enforce all of its <br />rights and remedies under this Agreement, including the right to recover <br />the compensation consideration specified in this Agreement as it becomes <br />due under this Agreement; or <br />(b) Terminate this Agreement and recover from Licensee: <br />