R2000-126 AUTHORIZING EXECUTION OF AGREEMENT

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the minimuxn amounts set forth herein shall not be construed to relieve SUBURBAN from its obligation to indemnify the City in excess of the coverage according to this agreement. 6.4 Each year during the term hereof, SUBURBAN shall furnish the CITY with a performance bond for a principal amount not less than the amount of the annual payment required hereunder from the CITY to SUBURBAN, conditioned on SUBURBAN well and truly performing this agreement that year in strict accord with the terms and provisions hereof. Said bond shall be executed by and with a surety company authorized to do business in the State of Illinois and acceptable to the CITY, and shall be subject to approval as to form and content by the CITY'S Corporation Counsel. Said bond shall be filed with the CITY on or before August 15, 2000, and on or before August 1 of each year thereafter. 6.5 The amount of the performance bond required by section 6.5 hereof may be reduced pro rata during the collection period, for good performance, at the request of SUBURBAN. VII BREACH 7.1 If SUBURBAN fails to observe the established leaf vacuuming requirements or leaf vacuuming schedule of service for more than two (2) consecutive working days, the CITY may serve notice on SUBURBAN that it is in breach hereof. If any such breach is not cured or remedied by SUBURBAN within ten (10) days after written notice thereof, the CITY may exercise any remedies provided by law for breach of contract. If SUBURBAN commences curing or remedying such default or defaults within said ten (10) days but is unable to complete such cure or remedy, then said period shall be extended for the period of time reasonably necessary to cure or remedy such breach. 7.2 If SUBURBAN, at any time during the term of this agreement, shall become insolvent, or if proceedings in bankruptcy shall be instituted by or against SUBURBAN, or if a receiver is appointed with regazd to any property of SUBURBAN or SUBURBAN makes an assignment for the benefit of creditors, such actions may be considered by the CITY a breach hereof, and the provisions of section 7.1 shall apply thereto. The provisions of this section do not in any way limit the applicability of section 7.1 to other incidents of breach. 7.3 The CITY shall be entitled to collect from SUBURBAN all costs and expenses incurred by the CITY in seeking or exercising any remedies for the breach hereof, or in filing suit to collect all or any part of the principal of SUBURBAN'S performance bond, including but not limited to reasonable attorneys' fees, and hereby expressly reserves the right to exercise any right or seek any remedy for breach provided by law. 7.4 In the event any provision contained in this agreement is breached by any party and thereafter waived by the other party, such waiver shall be limited to the particular party so waiving and the particular breach so waived, and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. No waiver by any party shall be effective unless in writing and signed by the waiving party. 6