2004-023 Ordinance - Laserfiche WebLink

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City of North Olmsted, NY / xxx xxxx 18 7. The making by the VENDOR or by any guarantor or surety of this Contract of an assignment for the benefit of its creditors or the filing of a petition for or the entering into of an arrangement with its creditors; 8. The appointment or sufferance of a receiver, trustee or custodian to take possession of all or substantially all of the property of the VENDOR or of any guarantor or surety of this Contract, whether or not judicial proceedings are instituted in connection with such appointment or sufferance; 9. The placement of any lien or levy upon property used by the VENDOR in its operations of the System which is not discharged of record within sixty (60) days, or any levy under any such lien. • Remedies Upon Vendor's Default: Upon the occurrence of any Event of Default, as defined above, the CITY, besides any other rights or remedies it may have, shall have the right to terminate this Contract forthwith, and recover immediately from the VENDOR all damages proximately caused by the VENDOR's default, including without limitation court costs, reasonable expert's fees and reasonable attorneys' fees. No action by the CITY pursuant to this Section, however, shall be deemed to terminate this Contract unless the CITY gives written notice of termination to the VENDOR. Regardless of whether the CITY has elected to exercise its rights to terminate this Contract, if any Event of Default shall occur, the VENDOR shall pay upon demand all of the CITY's costs, charges and expenses, including fees of counsel, agents and other retained by the CITY incurred in connection with the recovery of sums due under this Contact, or because of the breach of any covenant or agreement of CITY contained in this Contract or for any other relief against the VENDOR. • Other Provisions Regarding Default The CITY's failure to require compliance with any term or provision of this Contract shall not constitute a waiver of the CITY's rights to require such compliance. No waiver or failure to enforce any covenant or condition or of the breach of any covenant or condition of this Contract shall be taken to constitute a waiver of any subsequent breach of such covenant or condition or to justify or authorize the nonobservance on any other occasion of the same or of any other covenant or condition hereof, nor shall the acceptance by CITY of any sums from VENDOR at any time when VENDOR is in default under any covenant or condition hereof, be construed as a waiver of such default or of CITY's rights to terminatie this Contract on account of such default, nor shall any waiver or indulgence granted by CITY to VENDOR be taken as an estoppel against CITY, it being expressly understood that CITY may at any time Prepared by Barry Strock Consulting Associates, Inc. O 2004