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2015-008
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SECTION 9. GENERAL FINANCIAL AND INSURANCE PROVISIONS <br /> 1. Performance Bond. <br /> a. Within 30 days of the Effective Date of this Franchise, the Grantee shall deliver to <br /> the Commission a bond, that is effective as of the Effective Date and at all times <br /> thereafter, until the Grantee has liquidated all of its obligations with City, the <br /> Grantee shall furnish a bond to Commission in the amount of$500,000.00 in a <br /> form and with such sureties as reasonably acceptable to City. This bond will be <br /> conditioned upon the faithful performance by the Grantee of its Franchise <br /> obligations and upon the further condition that in the event the Grantee shall fail <br /> to comply with any law, ordinance or regulation governing the Franchise, there <br /> shall be recoverable jointly and severally from the principal and surety of the <br /> bond any damages or loss suffered by City as a result, including the full amount <br /> of any compensation, indemnification or cost of removal or abandonment of any <br /> property of the Grantee, plus a reasonable allowance for attorneys' fees and costs, <br /> up to the full amount of the bond, and further guaranteeing payment by the <br /> Grantee of claims, liens and taxes due City which arise by reason of the <br /> construction, operation, or maintenance of the System. The rights reserved by <br /> City with respect to the bond are in addition to all other rights City may have <br /> under the Franchise or any other law. City may, from year to year, in its sole <br /> discretion, reduce the amount of the bond. <br /> b. The time for Grantee to correct any violation or liability, shall be extended by <br /> City if the necessary action to correct such violation or liability is, in the sole <br /> determination of City, of such a nature or character as to require more than thirty <br /> (30) days within which to perform, provided Grantee provides written notice that <br /> it requires more than thirty (30) days to correct such violations or liability, <br /> commences the corrective action within the thirty (30) days period and thereafter <br /> uses reasonable diligence to correct the violation or liability. <br /> C. In the event this Franchise is revoked by reason of default of Grantee, City shall <br /> be entitled to collect from the performance bond that amount which is attributable <br /> to any damages sustained by City as a result of said default or revocation. <br /> d. Grantee shall be entitled to the return of the performance bond, or portion thereof, <br /> as remains sixty (60) days after the expiration of the term of the Franchise or <br /> revocation for default thereof, provided City has not notified Grantee of any <br /> actual or potential damages incurred as a result of Grantee's operations pursuant <br /> to the Franchise or as a result of said default. <br /> e. The rights reserved to City with respect to the performance bond are in addition to <br /> all other rights of City whether reserved by this Franchise or authorized by law, <br /> and no action, proceeding or exercise of a right with respect to the performance <br /> bond shall affect any other right City may have. <br /> 25 <br />
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