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(5) Voluntary Insolvency -- If Grantee becomes insolvent, ceases to pay its debts as they mature, <br />voluntarily files a petition seeking reorganization of, or the appointment of a receiver, trustee, <br />or liquidator, for itself or a substantial portion of its assets, with the purpose of effecting a plan <br />or other arrangements with creditors, is adjudicated bankrupt, or makes a voluntary assignment <br />for the benefit of creditors; <br />(6) Involuntary Insolvency -- If an involuntary petition is filed against Grantee under any <br />bankruptcy, insolvency, or similar law seeking the reorganization of, or the appointment of any <br />receiver, trustee, or liquidator, for Grantee or a substantial part of its assets, or a writ or <br />warrant of attachment or similar process is issued against a substantial part of Grantee's assets, <br />and such petition is not dismissed, or such writ or warrant is not released or bonded, within <br />thirty (30) days after the filing or levy; and <br />(7) Judgments -- If final judgment is entered against Grantee for the payment of money and such <br />judgment is not fully covered by liability insurance and is in excess of Ten Thousand Dollars <br />($10,000.00) and is not discharged or appealed with execution of said judgment stayed pending <br />appeal, or, if such judgment be affirmed on appeal and not discharged within thirty (30) days. <br />Section 6.02 Remedies <br />If the Grantee defaults and fails to cure as set forth in Article VI of this Agreement, then the City shall <br />have the right to exercise concurrently or successively any one or more of the following rights and remedies: <br />I. Wholly or partially terminate this Grant Agreement and the rights given to the Grantee <br />in it; <br />II. Temporarilyor permanently withhold or reduce funds not yet paid to the Grantee; <br />III. Recover funds previously paid to the Grantee; <br />IV. Disallow all or part of the cost of a noncompliant activity; <br />V. Wholly or partially suspend the Agreement; <br />VI. Exercise any and all additional rights the City may have in law or equity. <br />Termination pursuant to clause (1) above shall be effective five (5) days after the date the City has given <br />written notice to the Grantee of such termination. If City chooses any of the other remedies outlined, that <br />remedy is effective immediately upon default of any of the obligations pursuant to this Agreement. <br />ARTICLE VII- MISCELLANEOUS <br />Section 7.01 Waivers <br />The City's failure or delay in exercising any right, power, or remedy hereunder shall not operate as a <br />waiver thereof. The City's single or partial exercise of any such right, power or remedy shall not preclude any <br />other or further exercise thereof of the exercise of any other right, power or remedy hereunder. <br />Page 10 of 18 <br />