Default Of Concessionaire. 14.1.1 The following events shall be an event of default of the Concessionaire under this Agreement (the
Default Of Concessionaire. The City may terminate its performance and Concessionaire's rights under this Agreement in the event of default by Concessionaire and a failure by Concessionaire to cure such default after receiving notice thereof, all as provided in this Section. Default by Concessionaire shall occur if Concessionaire fails to observe or perform any of its duties under this Agreement or if Concessionaire shall become insolvent, or if all or a substantial part of Concessionaire's assets shall be seized for the benefit of Concessionaire's creditors or if a receiver or trustee shall be appointed for Concessionaire. Should such a default occur, the Director will deliver a written notice to Concessionaire describing such default and the proposed date of termination. Such date may not be sooner than the 30th day following receipt of the notice. Director, in his reasonable judgment, may extend the proposed date of termination to a later date if the nature of the default requires more than 30 days to cure. If prior to the proposed date of termination, Concessionaire cures such default to the Director's reasonable satisfaction, then the proposed termination shall be ineffective. If Concessionaire fails to cure such default prior to the proposed date of termination, then City may terminate its performance and Concessionaire's rights under this Agreement as of such date, at no further obligation of the City.
