RecDoc2022-South Main Block F - Laserfiche WebLink

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16.8 In the event that Developer's insurance is cancelled, Developer will provide replacement coverage or all work must cease as of the cancellation date until replacement insurance coverage is provided. 17. Encroachment Permits. Developer will obtain, at its sole cost and expense, any encroachment permits required by City in order to perform the Work. 18. Payments. Developer agrees that it will pay, when due, all those furnishing labor or materials in connection with the Work. Developer further agrees that pursuant to Government Code section 66499.7, the payment security provided by Developer in accordance with Subsection 12.1 of this Agreement will not be released if any mechanics liens or stop notices are outstanding, unless said liens are released by bond in compliance with Civil Code section 8424. 19. Notice of Breach and Default. The occurrence of any of the following constitutes a breach and default of this Agreement: 19.1 Developer refuses or fails to complete the Work within the time set forth herein or abandons the Work. 19.2 Developer assigns the Agreement without the prior written consent of City 19.3 Developer is adjudged bankrupt or makes a general assignment for the benefit of creditors, or a receiver is appointed in the event of Developer's insolvency. 19.4 Developer or Developer's contractors, subcontractors, agents or employees, fail to comply with any terms or conditions of this Agreement. 19.5 Any delay in the construction of any portion of the Work or repairs, which in the reasonable opinion of the City Engineer, endangers public or private property. City may serve written notice of breach and default upon Developer and the financial institution holding the securities. 20. Opportunity to Cure. If City gives Developer notice under Section 19 (Notice of Breach and Default) of breach and default of this Agreement, Developer will have thirty (30) days within which to correct, remedy or cure the default. If the written notification states that the problem is urgent and relates to the public health and safety, then Developer will have twenty four (24) hours to correct, remedy or cure the default. If Developer does not cure the default within the applicable timeframe, City may pursue the remedies set forth in Section 21 (Remedies) below. 21. Remedies. REV: 08-30-21 SK ATTY/AGR.2021.230/South Main (Block F - SIA) (Page 11 of 23)