The violation of any material portion of the franchise by the Company, or its failure to perform any of the provisions of the franchise, may be cause for forfeiture of the franchise and the termination of all rights under this chapter. Such forfeiture may be accomplished after written notice to the Company by the City, and a continuation of the violation, failure or default specified in the notice for at least 60 days from the date the notice was served upon the Company, unless a different cure period is agreed upon by the parties. If the City determines there to be a default under the franchise, it shall provide a written notice to the Company describing the default, stating whether a forfeiture and termination of the franchise will be sought, and where the default is curable, proposing a reasonable time to cure the default, which shall be not less than sixty (60) days. Company may respond to such notice, proposing a different time to accomplish the cure of the default. If Company has not cured the default within the agreed-upon cure period, the City may proceed to terminate the franchise agreement and the same shall be deemed forfeited by the Company as provided above.