Whenever this chapter, or any ordinance or agreement awarding a franchise in accordance with this chapter, shall set forth any time for any act to be performed by or on behalf of a franchisee, such time shall be deemed of the essence, and any failure of a franchisee to perform within the time set forth shall constitute a material breach of the terms of this chapter and shall entitle the City Commission to invoke all penalties and remedies prescribed in this chapter as well as all other legal or equitable remedies available to the city.
('81 Code, § 450.1, § 29)