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SECTION 6.04 INVOLUNTARY INSOLVENCY <br /> An insolvency petition shall be filed against the Contractor under any <br /> bankruptcy, insolvency, or similar law or seeking the reorganization of or the <br /> appointment of any receiver, trustee, or liquidator for the Contractor, or of a <br /> substantial part of the property of the Contractor's, or a writ or warrant of <br /> attachment or similar process shall be issued against a substantial part of the property <br /> of the Contractor, and such petition shall not be dismissed, or such writ or warrant of <br /> attachment or similar process shall not be released or bonded, within sixty (60) days <br /> 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 the Contractor, and within sixty (60) <br /> days shall not be discharged, or any appeal therefrom taken and execution thereon <br /> effectively stayed pending such appeal, and if such judgment be affirmed on such <br /> appeal, the same shall not be discharged within sixty (60) days. <br /> SECTION 6.06 RIGHTS UPON DEFAULT <br /> Upon default by Contractor, City has all remedies available to it under State <br /> law enforcing this Agreement and City's rights to the collateral mentioned herein <br /> including, but not limited to the following: <br /> a. Accelerate and declare the full balance immediately due on the <br /> Promissory Note and commence suit for collection thereof; <br /> b. Take possession of the collateral or render it unusable, without notice, <br /> except as required by law, provided that said self-help shall be done <br /> without breach of peace; <br /> c. Request and demand that Contractor assemble the collateral at an <br /> acceptable location for delivery to City; <br /> d. Sell or dispose of collateral by sale and pursuant to the law; <br /> e. Specifically enforce the terms of the Promissory Note and related <br /> agreements; <br /> f. Foreclose on any real property or appropriate personal property by strict <br /> foreclosure in equity; <br /> g. Pursue any and all other remedies available under law to enforce the <br /> terms of this Agreement. <br /> 13 <br />