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Section 5. Design. The City hereby approves the design of the transit shelters as more fully delineated in Exhibits Band C, attached hereto and incorporated herein by reference; provided that changes to such design shall be submitted to and approved by the Public Works Director pursuant to Section 1207.10. Section 6. Fee for Franchise. During the initial term hereof, the franchisee shall pay to the City a fee based upon the annual gross revenue collected that the company derives from advertising on shelters located within the City in accordance with the following schedule: · If annual gross revenues are less than $85,000: Eight (8) percent of annual gross revenues. · If annual gross revenues are $85,000 but less than $110,000: Nine (9) percent of annual gross revenues. · If annual gross revenues are more than $110,000: Ten (10) percent of annual gross revenues. If the annual gross revenues exceed $85,000 or $110,000 respectively, the higher percentage shall be retroactive to January 1 of that calendar year for computation of the franchise fee. The fee payment due for the final quarter of the year shall be computed and adjusted, so that the total annual fee paid will be correct, applying the applicable percentage set forth above to the actual gross revenues for the entire year. Section 7. Construction of Facilities. Subject to unavoidable delays, Franchisee shall construct the facilities described in Sections 4 and 5 hereof within 180 days of the effective date of the grant of the franchise, or the franchise granted hereunder shall be void. For purposes of this Section 7, "unavoidable delays" means unexpected delays which are the direct result of: (a) adverse weather conditions, (b) shortages of materials, (c) strikes, other labor troubles, (d) fire or other casualty, (e) litigation commenced by third parties which, by injunction or other judicial action, directly results in delays, (f) acts of any federal or state governmental unit, including legislative and administrative acts, (g) approved changes to design that result in delays, (h) delays caused by utility companies and (i) any other cause or force majeure beyond the control of the Franchisee that directly results in delays, provided, however, that adverse market conditions affecting the marketability of profitability of the franchise or an inability to secure financing shall not constitute unavoidable delays. Section 8. Performance Bond or Letter of Credit. Pursuant to Section 1207.22, franchisee shall post a performance bond or letter of credit in the amount of $10,000 guaranteeing performance of its obligations under this franchise.