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C. In the event this Franchise is revoked by reason of default of Grantee, City <br />shall be entitled to collect from the performance bond that amount which is attributable to <br />any damages sustained by City as a result of said default or revocation. <br />d. Grantee shall be entitled to the cancellation or return of the performance <br />bond, or portion thereof, as remains sixty (60) days after the expiration of the term of the <br />Franchise or 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 to the <br />Franchise or as a result of said default. <br />e. The rights reserved to City with respect to the performance bond are in <br />addition to all other rights of City whether reserved by this Franchise or authorized by <br />law, and no action, proceeding or exercise of a right with respect to the performance bond <br />shall affect any other right City may have. <br />2. Letter of Credit and Liquidated Damages. <br />a. At the time of acceptance of this Franchise, Grantee shall deliver to City <br />an irrevocable and unconditional Letter of Credit, in form and substance acceptable to <br />City, from a National or State bank approved by City, in the amount of $25,000.00. <br />b. The Letter of Credit shall provide that funds will be paid to City, upon <br />written demand of City, and in an amount solely determined by City in payment for <br />penalties charged pursuant to this Section, in payment for any monies owed by Grantee to <br />City or any person pursuant to its obligations under this Franchise, or in payment for any <br />damage incurred by City or any person as a result of any acts or omissions by Grantee <br />pursuant to this Franchise. <br />C. In addition to recovery of any monies owed by Grantee to City or any <br />person or damages to City or any person as a result of any acts or omissions by Grantee <br />pursuant to the Franchise, City in its sole discretion may charge to and collect from the <br />Letter of Credit the following penalties: <br />For failure to provide data, documents, reports or information or to <br />cooperate with City during an application process or system review or as <br />otherwise provided herein, the penalty shall be $250.00 per day for each <br />day, or part thereof, such failure occurs or continues. <br />ii. Fifteen (15) days following notice from City of a failure of Grantee to <br />comply with construction, operation or maintenance standards, the penalty <br />shall be $500.00 per day for each day, or part thereof, such failure occurs <br />or continues. <br />iii. For failure to provide the services Grantee has proposed, including, but <br />not limited to, the implementation and the utilization of the access <br />channels and the maintenance and/or replacement of the equipment and <br />24 <br />