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<br />shall fail to comply with any law, ordinance or regulation governing the . <br />Franchise, there shall be recoverable jointly and severally from the <br />principal and surety of the bond any damages or loss suffered by City as a <br />result, including the full amount of any compensation, indemnitication or <br />cost of removal or abandonment of any property of the Grantee, plus a <br />reasonable allowance for attorneys' fees and costs, up to the tull amount of <br />the bond, and further guaranteeing payment by the Grantee of claims, liens <br />and taxes due City which arise by reason of the construction, operation. or <br />maintenance of the System. The rights reserved by City with respect to the <br />bond are in addition to all other rights City may have under the Franchise <br />or any other law. City may, from year to year, in its sole discretion. <br />reduce the amount of the bond. <br /> <br />b. The time for Grantee to correct any violation or liability, shall be extended <br />by City if the necessary action to correct such violation or liability is, in the <br />sole determination of City, of such a nature or character as to require more <br />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 <br />violations or liability, commences the corrective action within the thirty <br />(30) days period and thereafter uses reasonable diligence to correct the <br />violation or liability. <br /> <br />c. In the event this Franchise is revoked by reason of default of Grantee, City <br />shall be entitled to collect from the performance bond that amount which <br />is attributable to any damages sustained by City as a result of said default <br />or revocation. <br /> <br />d. Grantee shall be entitled to the return of the performance bond, or portion <br />thereof, as remains sixty (60) days after the expiration of the term of the <br />Franchise or revocation for default thereof, provided City has not notified <br />Grantee of any actual or potential damages incurred as a result of Grantee's <br />operations pursuant to the Franchise or as a result of said default. <br /> <br />e. The rights reserved to City with respect to the performance bond are in <br />addition to all other fights of City whether reserved by this Franchise or <br />authorized by law, and no action, proceeding or exercise of a fight with <br />respect to the performance bond shall affect any other right City may have. <br /> <br />2. Letter of Credit. <br /> <br />a. At the time of acceptance of this Franchise, Grantee shall deliver to City <br />an irrevocable and unconditional Letter of Credit, in form and substance <br />acceptable to City, from a National or State bank approved by City, in the <br />amount of $25,000.00. <br /> <br />22 <br />