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<br /> 15. Default. Contractor shall be in default under this contract upon the occurrence of <br /> any of the following ("events of default"): <br /> 15.1 Contractor's failure to perform or observe any provision of this contract, if <br /> such failure continues for a period of two days after City has notified <br /> Contractor in writing, specifying the nature of Contractor's failure of <br /> performance; <br /> 15.2 The bankruptcy or insolvency of Contractor, a transfer in fraud of creditors, <br /> art assignment for the benefit of creditors or an execution issued against any <br /> property of Contractor used in connection with or which is the subject of this <br /> contract, or the appointment of a receiver or trustee for all or substantially all <br /> of Contractor's assets; or <br /> 15.3 Contractor's failure to maintain any license, permit, certification, bond or <br /> other authorization required by Federal, State or local law or regulations for <br /> performance of the Services or any portion thereof. <br /> 16. Termination. Notwithstanding any other provision to the contrary, this contract <br /> may be terminated as follows: <br /> 16.1 By mutual written agreement of the parties at any time; <br /> 16.2 Upon written notice from City to Contractor of the occurrence of an event of <br /> default; or <br /> 16.3 By written notice from City to Contractor at any time or for any reason, upon <br /> not less than 30 days' notice in advance of the termination date. <br /> Notice under paragraph 16.2 may be given at-the same time as the notice under <br /> paragraph 15.1, with termination contingent upon Contractor's failure to perform <br /> within the time specified in paragraph 15.1. Except as provided in paragraph 17 <br /> below, in the event of a termination, City shall pay Contractor for the Services <br /> performed to the date of termination. Any claim for relief City may have as a result <br /> of a default by Contractor shall survive termination of this contract. <br /> 17. Obligations on Termination. Upon termination of this contract for any reason, <br /> Contractor shall promptly and peaceably remove itself, its officers, its employees <br /> and all its personal property from the location of performance of the Services. <br /> Contractor shall leave City's property and equipment in good condition and repair <br /> and in good working order, reasonable wear and tear excepted. If Contractor fails <br /> to remove its property, City may, at Contractor's sole expense, remove the same to <br /> a public warehouse for storage or retain the same in its own possession. If such <br /> property is not claimed by Contractor within 10 days after the termination date, City <br /> may sell the same at public auction, the proceeds to be applied first to the <br /> expenses of removal, storage and sale, then to any sums owed by Contractor to <br /> City, with any balance remaining to be paid to Contractor. If the expenses of <br /> removal, storage and sale exceed the proceeds of sale, Contractor shall promptly <br /> pay such excess to City upon demand. <br /> <br />