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25F - AGMT EXTENSION OF THE SOLID WASTE SERVICES
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10/17/2017
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25F - AGMT EXTENSION OF THE SOLID WASTE SERVICES
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Last modified
10/16/2017 1:54:33 PM
Creation date
10/16/2017 12:47:57 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25F
Date
10/17/2017
Destruction Year
2022
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Except as set forth above, WASTE MANAGEMENT hereby waives diligence, <br />presentment, demand on the Contractor for payment, filing of claims, requirement of a prior <br />proceeding against the Contractor and protest or notice, except as provided for in the Agreement <br />with respect to amounts payable by the Contractor. If at any time payment under the Agreement <br />is rescinded or must be otherwise restored or returned by the Beneficiary upon the insolvency, <br />bankruptcy, or reorganization of the Contractor or WASTE MANAGEMENT or otherwise, <br />WASTE MANAGEMENT's obligations hereunder with respect to such payment shall be <br />reinstated upon such restoration or return being made by the Beneficiary. <br />WASTE MANAGEMENT represents the Beneficiary as of the date hereof that: <br />(1) it is duly organized and validly existing under the laws of the jurisdiction <br />of its incorporation and has full corporate power and legal right to execute and deliver this <br />Guarantee and to perform the provisions of this Guarantee on its part to be performed; <br />(2) its execution, delivery, and performance of this Guarantee have been and <br />remain duly authorized by all necessary corporate action and do not contravene any provision of <br />its certificate of incorporation or by-laws or any law, regulation, or contractual restriction <br />binding on it or its assets; and <br />(3) this Guarantee is its legal, valid and binding obligation enforceable against <br />it in accordance with its terms except as enforcement hereof may be limited by applicable <br />bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of <br />creditors' rights or by general equity principles. <br />By accepting this Guarantee and entering into the Agreement, the Beneficiary agrees that <br />WASTE MANAGEMENT shall be subrogated to rights of the Beneficiary against the Contractor <br />in respect of any amounts paid by WASTE MANAGEMENT pursuant to the Guarantee. <br />WASTE MANAGEMENT acknowledges that the Contractor is a direct or indirect <br />subsidiary of WASTE MANAGEMENT and that WASTE MANAGEMENT will receive <br />substantial benefit from the performance of the Agreement. <br />Neither this Guarantee nor the Agreement may be amended without the advance written <br />consent of WASTE MANAGEMENT and the Beneficiary. No amendment shall be effective <br />unless set forth in a written instrument so executed. <br />If WASTE MANAGEMENT shall default in the performance of its obligations <br />hereunder, WASTE MANAGEMENT shall pay to the Beneficiary all costs incurred by the <br />Beneficiary in enforcing its rights hereunder against WASTE MANAGEMENT, including <br />reasonable attorney fees and court costs. <br />Any notice or other communication required or permitted by the terms hereof shall be in <br />writing and shall be given in a commercially reasonable manner to WASTE MANAGEMENT at <br />1001 Fannin, 40a' Floor, Houston TX 77002, Attention: General Counsel, or to such other <br />address as WASTE MANAGEMENT shall specify in writing to the Beneficiary at its above- <br />
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