§ A356-20. Revocation.

A. 

The Village may revoke any franchise granted hereunder and rescind all rights and privileges associated therewith upon the occurrence of one of the following events:

(1) 

Failure of the company to pay all fees due the Village of Theresa, provided that said fees are not subject to a legal dispute;

(2) 

Failure to comply with the completion schedule as set forth herein;

(3) 

Bankruptcy, insolvency, or assignment for the benefit of creditors by the company; and

(4) 

Other substantial breach of any material term or condition of this agreement.

B. 

The company shall be notified in writing fully explaining the details of any such deficiency and the company will be allowed no less than 60 days to correct any such deficiency. If during the sixty-day period the cause shall be cured, the notice and right to terminate shall be null and void. The company shall be given an opportunity to be heard before the Board regarding termination, and the company shall be afforded all due process rights regarding termination. In the event of termination, the Board shall provide a written summary of its reasons for termination. A public hearing to consider revocation with a twenty-day notice given to the company shall be held prior to termination. The company must be given the opportunity to be heard at such public hearing.