What rights does the City have upon an Event of Default?

The City has the right to exercise legal and equitable remedies upon an Event of Default. This allows the City to respond to a situation where a contractor has failed to fulfill their obligations as outlined in the agreement. Legal remedies typically involve seeking monetary damages or enforcing the terms of the contract through the court system, while equitable remedies may include actions such as ordering specific performance or injunctions to compel the contractor to comply with their obligations.

This right is crucial for the City as it ensures that they have the means to protect their interests and uphold the integrity of the agreement. It provides a pathway to resolve disputes or failures in performance, thereby maintaining accountability within contractor relationships.

Other choices do not align with the rights typically held by a City in such agreements. Foregoing legal remedies would leave the City without the ability to address defaults effectively. Seeking additional funding is not a standard remedial action in response to an event of default, and extending the agreement indefinitely would not be a typical legal remedy and could complicate the situation further.