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14. Default. Contractor shall be in default under this contract upon the occurrence of any of <br />the following ("events of default"): <br />14.1 Contractor's failure to perform or observe any provision of this contract, if such <br />failure continues for a period of two days after City has notified Contractor in writing, <br />specifying the nature of Contractor's failure of performance; <br />14.2 The bankruptcy or insolvency of Contractor, a transfer in fraud of creditors, an <br />assignment for the benefit of creditors or an execution issued against any property <br />of Contractor used in connection with or which is the subject of this cohtract, or the <br />appointment of a receiver or trustee for all or substantially all of Contractor's assets; <br />or <br />14.3 Contractor's failure to maintain any license, permit, certification, bond or other <br />authorization required by Federal, State or local law or regulations for performance <br />of the Services or any portion thereof. <br />15. Termination. Notwithstanding any other provision to the contrary, this contract may be <br />terminated as follows: <br />15.1 By mutual written agreement of the parties at any time; <br />15.2 Upon written notice from City to Contractor of the occurrence of an event of default; <br />or <br />15.3 By written notice from City to Contractor at any time or for any reason, upon not less <br />than 30 days' notice in advance of the termination date. <br />Notice under paragraph 15.2 may be given at the same time as the notice under paragraph <br />14.1, with termination contingent upon Contractor's failure to perform within the time <br />specified in paragraph 15.1. Except as provided in paragraph 16 below, in the event of a <br />termination, City shall pay Contractor for the Services performed to the date of termination. <br />Any claim for relief City may have as a result of a default by Contractor shall survive <br />termination of this contract. <br />16. Obligations on Termination. Upon termination of this contract for any reason, Contractor <br />shall promptly and peaceably remove itself, its officers, its employees and all its personal <br />property from the location of performance of the Services. Contractor shall leave City's <br />property and equipment in good condition and repair and in good working order, <br />reasonable wear and tear excepted. If Contractor fails to remove its property, City may, at <br />Contractor's sole expense, remove the same to a public warehouse for storage or retain <br />the same in its own possession. If such property is not claimed by Contractor within 10 <br />days after the termination date, City may sell the same at public auction, the proceeds to <br />be applied first to the expenses of removal, storage and sale, then to any sums owed by <br />Contractor to 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 pay such <br />excess to City upon demand. <br />17. City's Right to Act. If Contractor fails to perform any obligation under this contract, City <br />shall have the right but not the obligation to take the action that Contractor failed to take, or <br />to engage an independent party to take such action, after giving at least five days' notice to <br />Non-Facility Trade Senrice Contract--Page 4 <br />(Revised December 1997) <br />