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SECTION 6.02-DEFAULT IN COVENANTS <br /> Recipient shall default in the performance of any other term, covenant, or <br /> agreement contained in this Agreement, and such default shall continue unremitting <br /> for thirty (30) days after written notice thereof shall have been given to Recipient by <br /> City, provided, however, that if such default cannot reasonably be cured in 30 days, <br /> Recipient shall provide City with a written explanation of proposed efforts to cure the <br /> default and within five (5) days after approval of such explanation by City, Recipient <br /> shall commence to cure and thereafter diligently pursuant such cure. <br /> SECTION 6.03 VOLUNTARY INSOLVENCY <br /> If the Recipient shall become insolvent or shall cease to pay its debt as they <br /> mature or shall voluntarily file a petition seeking reorganization of, or the <br /> appointment of a receiver, trustee, or liquidation for it or a substantial portion of its <br /> assets, or to effect a plan or other arrangement with creditors, or shall be adjudicated <br /> bankrupt, or shall make voluntary assignment for the benefit of creditors. <br /> SECTION 6.04 INVOLUNTARY INSOLVENCY <br /> An insolvency petition shall be filed against Recipient under any bankruptcy, <br /> insolvency, or similar law or seeking the reorganization of or the appointment of any <br /> receiver, trustee, or liquidator for Recipient, or of a substantial part of the property of <br /> the Recipient's, or a writ or warrant of attachment or similar process shall be issued <br /> against a substantial part of the property of Recipient, and such petition shall not be <br /> dismissed, or such writ or warrant of attachment or similar process shall not be <br /> released or bonded, within sixty (60) days after filing of levy. <br /> SECTION 6.05 JUDGMENTS <br /> If any final judgment for the payment of money that is not fully covered by <br /> liability insurance shall be rendered against Recipient, and within sixty (60) days shall <br /> not be discharged, or any appeal therefrom taken and execution thereon effectively <br /> stayed pending such appeal, and if such judgment be affirmed on such appeal, the <br /> same shall not be discharged within sixty (60) days. <br /> 11 <br />