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? Awk <br />City of North Olmsted, NY / xxx xxxx - 17 <br />Q. DEFAULT BY THE VENDOR <br />Any one of the following events shall constitute an event of Default: <br />1. The abandonment of the Contract or any portion thereof; <br />2. The abandonment by the VENDOR of its management and on-going <br />maintenance as defined herein of the System in accordance with this Contract <br />for any period of time; <br />3. The failure of the VENDOR to keep, observe or perform any of the other <br />covenants or agreements herein required to be kept, observed or performed <br />by the VENDOR, and continued failure to observe or perform any such <br />covenant or a;reement after a period of ten (10)thirt 30 days after receipt <br />by the VENDOR of the CITY's written demand; provided, however, that if <br />due to the nature of the default, the same cannot be remedied within said ten- <br />day period, then the CITY shall have the right to terminate this Contract if <br />the VENDOR shall have failed to commence the remedying of the same <br />within the said ten-day period or, having so commenced, shall fail thereafter <br />to continue with diligence the remedying thereof; <br />4. The repeated failure (defined for this purpose at least three (3) such <br />failures within any consecutive twelve-month period) to keep, observe or <br />perform any of the other covenants or agreements herein contained to be <br />kept, observed or performed by the VENDOR (provided that notice of such <br />failure shall have been given to the VENDOR, regardless whether the <br />VENDOR shall have remedied any such failure within the time provided for <br />in such notice); <br />5. The discovery by the CITY that any material statement of fact furnished <br />to the CITY by the VENDOR in connection with its proposal for the <br />privilege awarded hereunder is (deliberatel,v) false or materiaily misleading; <br />6. Commencement of any insolvency or bankruptcy proceeding (including, <br />without limitation, a proceeding for liquidation, reorganization or adjustment <br />of indebtedness) against the VENDOR or any guarantor or surety of this <br />Contract, if an order for relief is entered against such party and the same is <br />not stayed or vacated within thirty (30) days after entry thereof, or if such <br />party fails to secure a discharge of the proceedings within sixty (60) days <br />after the filing thereof; <br />Prepared by Barry Strock Consulting Associates, Inc. O 2004 <br />