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i <br /> I <br /> i <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 is attributable to <br /> any damages sustained by City as a result of said default or revocation. <br /> d. Grantee shall be entitled to the cancellation or return of the performance <br /> bond, or portion 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 Grantee of any <br /> actual or potential damages incurred as a result of Grantee's operations pursuant to the <br /> Franchise or as a result of said default. <br /> e. The rights reserved to City with respect to the performance bond are in <br /> addition to all other rights of City whether reserved by this Franchise or authorized by <br /> law, and no action,proceeding or exercise of a right with respect to the performance bond <br /> shall affect any other right City may have. <br /> 2. Letter of Credit and Liquidated Damages. <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 acceptable to <br /> City, from a National or State bank approved by City, in the amount of$25,000.00. <br /> b. The Letter of Credit shall provide that funds will be paid to City, upon <br /> written demand of City, and in an amount solely determined by City in payment for <br /> penalties charged pursuant to this Section, in payment for any monies owed by Grantee to <br /> City or any person pursuant to its obligations under this Franchise, or in payment for any <br /> damage incurred by City or any person as a result of any acts or omissions by Grantee <br /> pursuant to this Franchise. <br /> C. In addition to recovery of any monies owed by Grantee to City or any <br /> person or damages to City or any person as a result of any acts or omissions by Grantee <br /> pursuant to the Franchise, City in its sole discretion may charge to and collect from the <br /> Letter of Credit the following penalties: <br /> i. For failure to provide data, documents, reports or information or to <br /> cooperate with City during an application process or system review or as <br /> otherwise provided herein, the penalty shall be $250.00 per day for each <br /> day, or part thereof, such failure occurs or continues. <br /> ii. Fifteen (15) days following notice from City of a failure of Grantee to <br /> comply with construction, operation or maintenance standards, the penalty <br /> shall be $500.00 per day for each day, or part thereof, such failure occurs <br /> or continues. <br /> iii. For failure to provide the services Grantee has proposed, including, but <br /> not limited to, the implementation and the utilization of the access <br /> channels and the maintenance and/or replacement of the equipment and <br /> 24 <br /> a <br />