(A) Subject to applicable federal and state law, in the event the franchising authority, after such meeting, determines that the grantee is in default of any provision of the franchise, the franchising authority may:
(1) Foreclose on all or any part of any security provided under this franchise, if any, including without limitation, any bonds or other surety; provided, however, the foreclosure shall only be in such a manner and in such amount as the franchising authority reasonably determines is necessary to remedy the default;
(2) Commence an action at law for monetary damages or seek other equitable relief;
(3) In the case of a substantial default of a material provision of the franchise, declare the franchise agreement to be revoked; or
(4) Seek specific performance of any provision, which reasonably lends itself to such remedy, as an alternative to damages.
(B) The grantee shall not be relieved of any of its obligations to comply promptly with any provision of the franchise by reason of any failure of the franchising authority to enforce prompt compliance.
(Ord. 501, passed 4-19-93)