Res 2010-146 - Laserfiche WebLink

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a) Default in Covenants. The Operator is in default in the performance of any term, covenant, or agreement contained in this Agreement and any such default continues un- remedied by Operator for thirty (30) days after either (a) it becomes known to the Operator or (b) written notice has been given to the Operator by the City. b) Voluntary Insolvency: If the Operator becomes insolvent or ceases to pay its debts as they mature or voluntarily files a petition seeking reorganization of, or the appointment of any receiver, trustee, or liquidation for it or a substantial portion of its assets, or effects a plan or other arrangement with creditors, or is adjudicated bankrupt, or makes a voluntary assignment for the benefit of its creditors. c) Involuntary Insolvency If an involuntary petition is filed against the Operator under any bankruptcy, insolvency, or similar law or seeks the reorganization of or the appointment of any receiver, trustee, or liquidator for the Operator, or of a substantial part of the property of the Borrower, and such petition is not dismissed, or such writ or warrant of attachment or similar process is released or bonded within ninety (90) days after filing or levy. d) Assignment for the Benefit of Creditors. The making of an assignment for the benefit of creditors; e) Appointment of a receiver or trustee for all or substantially all of the assets of Operator. 10.0.2 The occurrence of any of the following shall constitute a "Termination Default" by the Operator: a) The failure of Operator to perform any of its obligations under this Agreement; b) An act or omission of the Operator that causes or contributes to any lapse, cancelation, denial of coverage, or any other prejudice to the applicability of any insurance required under this Agreement; c) The operation and maintenance of or failure to operate and maintain the Airport in a manner that creates or results in a serious and immediate threat to the health welfare of the public; d) An act or omission by the Operator its officers, employees, or agents which results in a conviction of a felony under applicable law or which was committed in the performance of or relates to the obligation of responsibilities of the Operator under this Agreement. Remedies 1. In the event of a Termination Default under 10.1 and 10.2 (c) or (d) the City shall have the right, upon written notice to the Operator outlining the specific circumstances of the event of Termination Default to immediately enter upon the Airport Property and suspend or terminate this Agreement and assume responsibility for the maintenance and operation of the Airport; g