2002-10-23 CC Packet - Laserfiche WebLink

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faithful performance by the Grantee of its Franchise obligations and upon the further condition that in the event the Grantee shal1 fail to comply with any law, ordinance or regulation governing the Franchise, there shal1 be recoverable jointly and several1y from the principal and surety of the bond. any damages or loss suffered by the City or the Commission as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the Grantee, plus a reasonable allowance for attorneys' fees and costs, up to the ful1 amount of the bond, and further guaranteeing payment by the Grantee of claims, liens and taxes due the City or the Commission which arise by reason of the construction, operation, or maintenance of the System, the I-Net and/or the DFOI. The rights reserved by the City and the Commission with respect to the bond are in addition to all other rights the City and the Commission may have under the Franchise or any other law. The Commission may, from year to year, in its sole discretion, reduce the amount of the bond. 9.1.2 The time for Grantee to correct any violation or liability shall be extended by Commission if the necessary action to correct such violation or liability is, in the sole determination of Commission, of such a nature or character as to require more than thirty (30) days within which to perform, provided Grantee provides written notice that it requires more than thirty (30) days to correct such vi01ations or liability, commences the corrective action within the thirty (30)-day cure period and thereafter uses reasonable diligence to correct the violation or liability. 9.1.3 In the event this Franchise is revoked by reason of default of Grantee, City shall be entitled to collect from the perfoJlnance bond that amount which is attributable to any damages sustained by City as a result of said default or revocation. 9.1.4 Grantee shall be entitled to the return of the performance bond, or portion thereof, as remains sixty (60) days after the expiration of the term of the Franchise or revocation for default thereof, provided the City or the Commission has not notified 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 shal1 affect any other right the City and the Commission may have. 9.2. Letter of Credit. 9.2.1 On the Effective Date of this Franchise, the Grantee shall deliver to the Commission an irrevocable and unconditional Letter of Credit, in a form and substance acceptable to the City, from a National or State bank approved by the Commission, in the amount of $25,000.00. 47