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SECTION 12. DEFAULT, REMEDIES AND TERMINATION. <br />A. Events of Default. The occurrence, at any time during the term of the Franchise <br />Agreement, of any one or more of the following events, shall constitute an Event of Default by <br />Company under this Franchise Agreement: <br />(1) The failure of Company to pay the franchise fee on or before the due dates <br />specified herein. <br />(2) Company's material breach or material violation of any material terms, <br />covenants, representations or warranties contained herein. <br />B. Uncured Events of Default. <br />(1) Upon the occurrence of an Event of Default which can be cured by the <br />immediate payment of money to City, Company shall have thirty (30) calendar <br />days from receipt of written notice from City of an occurrence of such Event of <br />Default to cure same before City may exercise any of its rights or remedies <br />provided for in Section 12.C. <br />(2) Upon the occurrence of an Event of Default by Company which cannot be <br />cured by the immediate payment of money to City, Company shall have sixty (60) <br />calendar days (or such additional time as may be agreed to by the City) from <br />receipt of written notice from City of an occurrence of such Event of Default to cure <br />same before City may exercise any of its rights or remedies provided for in Section <br />12.C. <br />(3) If the Event of Default is not cured within the time period allowed for curing <br />the Event of Default as provided for herein, such Event of Default shall, without <br />additional notice, become an Uncured Event of Default, which shall entitle City to <br />exercise the remedies provided for in Section 12.C. <br />C. Remedies. The City shall notify the Company in writing, of an alleged Uncured <br />Event of Default as described in Section 12.B, which notice shall specify the alleged failure with <br />reasonable particularity. The Company shall, within thirty (30) business days after receipt of <br />such notice or such longer period of time as the City may specify in such notice, either cure such <br />alleged failure or in a written response to the City either present facts and arguments in refuting or <br />defending such alleged failure or state that such alleged failure will be cured and set forth the <br />method and time schedule for accomplishing such cure. In the event that such cure is not <br />forthcoming, City shall be entitled to exercise any and all of the following cumulative remedies: <br />12 <br />