2007-09-26 CC Packet - Laserfiche WebLink

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DRAFT 9.2.5 Whenever the City or the Commission determines that the Grantee has violated one or more temls, conditions or provisions of this Franchise, or for any other violation contemplated in subsection 9.2.3 above, a written notice shall be given to Grantee infonning it of such violation. At any time after thilty (30) days (or such longer reasonable time which. in the determination of the City or the Commission, is necessary to cure the alleged Violation) following local receipt of notice. provided the City or its designee l1nds that the Grantee remains in violation of one or more terms, conditions or provisions of this Franchise, in the sole opinion of the City or the Commission, the City or the Commission may drawlrom the Letter of Credit all penalties and other monies dire the City or the Commission lrom the date of the local receipt of notice. 9.2.6 Prior to drawing on the Letter of C,'edit, the City or the Commission shall give Grantee written notice that it intends to draw, and the Grantee may, within seven (7) days thereafter, notil)' the City or the Commission in \\Titing that there is a dispute as to whether a violation or failure has in lact occurred. Such writtcn notice by the Grantee to the City or the Commission shall specily with particularity the matters disputed by Grantee. Any penalties shall continue to accrue, but the City or the Commission may not draw fi'om the Leller of Credit during any appeal Jlursuant to this subparagraph 9.2.6. Thc City or the Commission shall hear Grantee's dispute within sixty (60) days and the Cily or the Commission, as appropriate, shall render a tinal decision within sixty (60) days thereafter. Withdrawal Irom the Letter of Credit may OCCUl" only upon a final decision. 9.2.7 If said Letter of Credit or an)" subsequent Letter of Credit delivered pursuant thereto expires prior to thirty (30) months aner the expiration or the term of this franchise, it shall be renewed or replaced during the term of this Franchise to provide that it will not expire earlier than thirty (30) months alter the expiration of this Franchise. The renewed or replaced Letter of Credit shall be of the same I,)rm and with a bank authorized herein and for the full amount stated in subsection 9.2.1 ofthis Section. 9.2.8 If the City or the Commission draws upon the Letter of Credit or any subsequent Letter of Credit delivered pursuant hereto, in whole or in pan, the Grantee shall replace or replenish to its full amount the same within ten (l0) days and shall deliver to the Commission a like replacement Letter or Credit or certification of replenishment ror the full amount stated in Section 9.2.1 as a substitution of the previous Letter of Credit. This shall be a continuing obligation for any withdrawals from the LeIter of Credit. 47 f,Z