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2002-10-23 CC Packet
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2002-10-23 CC Packet
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<br />faithful performance by the Grantee of its Franchise obligations and upon the <br />further condition that in the event the Grantee shal1 fail to comply with any law, <br />ordinance or regulation governing the Franchise, there shal1 be recoverable jointly <br />and several1y from the principal and surety of the bond. any damages or loss <br />suffered by the City or the Commission as a result, including the full amount of <br />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 ful1 amount of the bond, and further guaranteeing payment by the <br />Grantee of claims, liens and taxes due the City or the Commission which arise by <br />reason of the construction, operation, or maintenance of the System, the I-Net <br />and/or the DFOI. The rights reserved by the City and the Commission with <br />respect to the bond are in addition to all other rights the City and the Commission <br />may have under the Franchise or any other law. The Commission may, from year <br />to year, in its sole discretion, reduce the amount of the bond. <br /> <br />9.1.2 The time for Grantee to correct any violation or liability shall be extended by <br />Commission if the necessary action to correct such violation or liability is, in the <br />sole determination of Commission, of such a nature or character as to require <br />more than thirty (30) days within which to perform, provided Grantee provides <br />written notice that it requires more than thirty (30) days to correct such vi01ations <br />or liability, commences the corrective action within the thirty (30)-day cure period <br />and thereafter uses reasonable diligence to correct the violation or liability. <br /> <br />9.1.3 In the event this Franchise is revoked by reason of default of Grantee, City shall <br />be entitled to collect from the perfoJlnance bond that amount which is attributable <br />to any damages sustained by City as a result of said default or revocation. <br /> <br />9.1.4 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 the City or the Commission has not <br />notified Grantee of any actual or potential damages incurred as a result of <br />Grantee's operations pursuant to the Franchise or as a result of said default. <br /> <br />9.1.5 The rights reserved to the City or the Commission with respect to the performance <br />bond are in addition to all other rights of the City and the Commission whether <br />reserved by this Franchise or authorized by law, and no action, proceeding or <br />exercise of a right with respect to the performance bond shal1 affect any other <br />right the City and the Commission may have. <br /> <br />9.2. Letter of Credit. <br /> <br />9.2.1 On the Effective Date of this Franchise, the Grantee shall deliver to the <br />Commission an irrevocable and unconditional Letter of Credit, in a form and <br />substance acceptable to the City, from a National or State bank approved by the <br />Commission, in the amount of $25,000.00. <br /> <br />47 <br />
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