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<br />. shall fail to comply with any law, ordinance or regulation governing the <br /> Franchise, there shall be recoverable jointly and severally from the <br /> principal and surety of the bond any damages or loss suffered by City as a <br /> result, including the full amount of any compensation, indemnification or <br /> cost of removal or abandonment of any property of the Grantee, plus a <br /> reasonable allowance for attorneys' fees and costs, up to the full amount of <br /> the bond, and further guaranteeing payment by tl1e Grantee of clainls, liens <br /> and taxes due City which arise by reason of tl1e construction, operation, or <br /> maintenance of the System. The rights reserved by City with respect to tl1e <br /> bond are in addition to all other rights City may have under the Franchise <br /> or any other law. City may, from year to year, in its sole discretion, <br /> reduce the amount of tl1e bond. <br /> b. The tinle for Grantee to correct any violation or liability, shall be extended <br /> by City if tl1e necessary action to correct such violation or liability is, in tl1e <br /> sole determination of City, of such a nature or character as to require more <br /> than thirty (30) days within which to perform, provided Grantee provides <br /> written notice that it requires more tl1an thirty (30) days to correct such <br /> violations or liability, commences the corrective action witl1in the thirty <br /> (30) days period and tl1ereafter uses reasonable diligence to correct the <br /> violation or liability. <br />. c. In tl1e 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 <br /> is attributable to any damages sustained by City as a result of said default <br /> or revocation. <br /> d. Grantee shall be entitled to the return of the performance bond, or portion <br /> 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 <br /> Grantee of any actual or potential damages incurred as a result of Grantee's <br /> operations pursuant 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 <br /> addition to all other rights of City whether reserved by this Franchise or <br /> authorized by law, and no action, proceeding or exercise of a right with <br /> respect to the performance bond shall affect any otl1er right City may have. <br />2. Letter of Credit. <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 <br /> acceptable to City, from a National or State bank approved by City, in the <br />. amount of $25,000.00. <br /> 22 <br />