Whenever the ordinance codified in this title or the franchise agreement shall set forth any time for an act to be performed by or on behalf of the franchisee, such time shall be deemed to be of the essence; and any failure of the franchisee to perform within the time allotted shall always be sufficient grounds for the city to invoke liquidated damages or initiate procedures leading toward the revocation or termination of a franchise. Time is of the essence with respect to material and substantial franchise obligations, including but not limited to, those obligations where appropriately listed in the ordinance codified in this title. (Ord. 205 § 3, 2001)