Res 1996-144 - Laserfiche WebLink

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(Of J" -10- - (a) The failure of any party to pay any sum required to be paid by them under the terms and provisions of this Agreement within the time specified; (b) The failure of any party to perform any of their obligations or other covenants or agreements set forth in this Agreement; , (c) The failure of any party to honor any of the representations or warranties set forth in this Agreement. 7.02 In the event of the failure of the City to perform any of the services it has agreed to perform as a Project Manager, the DOL, as its exclusive remedy for the City's . . failure to perform its services as Project Manager, shall be entitled to enforce by specific performance the obligations of the City as the Project Manager, provided however, the DOL shall be required to give the City reasonable written notice of default, whic/:,! notice . shall contain a specific description of the default, and the City shall have fourteen (14) working days from the date of receipt of the notice to cure. the default. 7.03 In the event the DOL commits an event of default, the City may enforce this Agreement by specific performance against the DOL and/or pursue any other remedy available at law or in equity, provided however, the City shall be required to give the DOL reasonable written notice of default, which notice shall contain a specific description of the default, and the DOL shall have fourteen (14) working days from the date of receipt of the notice to cure the default. 7.04 In the event that any party fails to pay any sum required to be paid pursuant to this Agreement, the other party shall be entitled, but not obligated, to advance funds not paid by the defaulting party. Any advance shall be deemed a loan to the defaulting party by the party advancing the funds and shall accrue interest until paid at the maximum rate