2007-09-26 CC Packet - Laserfiche WebLink

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DRAFT 9.1.2 The time for Grantee to correct any violation or liability shall be e)(tended by Commission if the necessary action to correct such violation or liahility is, in the sole determination of Commission, of such a nature or character as to require more than thirty (30) days within which to pcrform, provided Grantee provides written notice that it requires more than thirty (30) days to correct such violations or liability, commences the corrective action within the thirty (JO)-day cure period and therealler uses reasonable diligence to correct the violation or liability. 9.1.3 In the event this Franchise is revoked by reason or default or Grantee, City shall be entitled to collect from the performance bond that amount which is attributable to any damages sustained by City as a result of said delimit or revocation. 9.1.4 Grantec shall be cntitled to the return of the performanee bond, or portion thereot: as remains sixty (60) days aller the expiration or the term of the Franchise or revocation lor default thereot: provided the City or the Commission has not notil1ed Grantee of any actual or potential damages incurred as a result of Grantee's operations pursuant to the Franchise or as a result of said default 9.1.5 The rights reserved to the City or the Commission with respect to the performance bond are in addition to all other rights of the City and the Commission whether reserved by this Franchise or authorized by law, and no action, proceeding or exercise of a right with respect to the performance bond shall affect any other right thc City and the Commission may have. 9,2. Leiter of Credit. 9.2.1 On the EfTective Date or this Franchise, the Grantee shall deliver to the Commission an irrevocable and unconditional Letter of Credit, in a Corm and substance acceptable to the City, from a National or State bank approved by the Commission, in the amount or $25,000.00. .9.2.2 The Letter or Credit shall provide that funds will be paid to the City upon written demand or the City. and in an amount solely determined by the City in payment ror penalties charged pursuant to this Section, in payment for any monies deemed by the City to be owed by the Grantee to the City and/or the Commission. as applicable, aileI' notice and opportunity to pay any such monies, pursuant to its obligations under this Franchise, or in payment for any damage incurred by the City or the Commission as a result of any acts or omissions by the Grantee pursuant to this Franchise. 45 tv