(a) Any transfer of the assets of the beneficiary that are related to a contract shall be subject to the first source agreement and shall bind and be enforceable against the transferee.
(b) If a beneficiary defaults in the performance of its obligations stated in the first source agreement, the city shall notify the beneficiary of the default in writing addressed to the beneficiary at its address stated in the contract, or at an address otherwise provided to the city by the beneficiary.
(c) The beneficiary shall commence to correct all of the defaults stated in the city’s written notice within five days of the date of the written notice and shall complete the correction within a reasonable time.
(d) If the beneficiary fails to correct all of the defaults stated in the city’s written notice, the city may exercise its remedies stated in the contract.
(1990 Code, Ch. 2, Art. 33, § 2-33.7) (Added by Ord. 99-71)