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6. Chapel Hill Transit reserves the right to cancel this Contract at any time upon default by <br />the Advertiser in payment or other breach, or in the event of any material violation on <br />the part of the Advertiser of any of the conditions herein named; and upon such <br />cancellation, all payments for advertising or other charges under this Contract, and <br />unpaid, shall become immediately due and payable. Chapel Hill Transit at its option may <br />elect not to terminate this Contract, but consider the entire balance of payments to be <br />made under this Contract accelerated and immediately due and payable. <br />7. Deleted. <br />8. This Contract shall not be binding on either party until artwork and Contract is <br />accepted by an officer of Chapel Hill Transit and upon acceptance shall constitute a <br />Contract between the parties. <br />9. In the event the advertiser becomes a subject of any petition in bankruptcy or <br />receivership, either voluntary or involuntary, or in the event of assignment for the benefit <br />of creditors, the advertising company shall have the right to cancel this contract <br />immediately. Whether under these circumstances or other circumstances, the advertiser <br />agrees to pay reasonable attorneys' fees and other reasonable costs incurred in the <br />collection of any past due balances of this contract. <br />10. This contract obligates the Advertiser to pay in advance of service. A delinquent charge <br />of 1 -1/2% per month (18% per annum) will be added to each month's billing not paid <br />within 60 days of billing month. <br />11. All rates and adjustments are computed on the basis of thirty (30) days to the month. <br />12. Chapel Hill Transit shall not be held responsible for unused signs not called for by the <br />Advertiser within ten (10) days after expiration of the Contract. If no notice is given, <br />Chapel Hill Transit may dispose of such materials. <br />13. Chapel Hill Transit will not display any advertisements that fall into the categories <br />detailed below. No advertisement posted on Chapel Hill Transit shall be in conflict with <br />the following terms: <br />A. Alcoholic Beverages. Chapel Hill Transit will not accept advertisements and <br />images soliciting or promoting the sale or use of alcoholic beverages. <br />B. Tobacco Products. Chapel Hill Transit will not accept advertisements and images <br />soliciting or promoting the sale or use of tobacco products including, but not <br />limited to cigarettes, cigars and smokeless tobacco. <br />