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<br />required premiums shall be filed and maintained with City <br />during the term of Franchise. The above minimum amounts <br />shall be changed from time to time by Grantee as requested by <br />City. Grantee shall immediately give notice to City of any <br />threatened or pending litigation affecting this insurance. <br /> <br />C. <br /> <br />Neither the provisions of this section nor any damages <br />recovered by City or any individual shall be construed to, or <br />shall limit the liability of Grantee. <br /> <br />( <br /> <br />D. No recovery by City of any sum by reason of the Letter of <br />Credit or Bond required in this Franchise shall be any limitation <br />upon the liability of Grantee to City under the terms of this <br />section, except that the sum so received by City from such <br />Letter of Credit or Bond shall be deducted from a recovery by <br />City under this section, if for the same act or occurrence. <br /> <br />E. All insurance policies maintained pursuant to this Franchise <br />shall contain the following endorsement: <br /> <br />It is hereby understood and agreed that this insurance <br />policy may not be canceled nor may a refusal to renew <br />become effective until 60 days after receipt by City, by <br />registered mail, of written notice of such intention to <br />cancel or not to renew. <br /> <br />SECTION 4. LETTER OF CREDIT <br /> <br />A. At the time of acceptance of this Franchise, Grantee shall <br />deliver to City an irrevocable and unconditional Letter of <br />Credit, in form and substance acceptable to City, from a <br />National or State bank approved by City, in the amount of Forty <br />Thousand Dollars ($40,000.00). <br /> <br />B. The Letter of Credit shall provide that funds will be paid to <br />City, upon written demand of City, and in an amount solely <br />determined by City in payment for penalties charged pursuant <br />to this section, in payment for any monies owed by Grantee <br />pursuant to its obligations under this Franchise, or in payment <br />for any damage incurred as a result of any acts or omissions by <br />Grantee pursuant to this Franchise. <br /> <br />C. <br /> <br />In addition to recovery of any monies owed by Grantee to City <br />or damages to City as a result of any acts or omissions by <br />Grantee pursuant to the Franchise, City in its sole discretion <br />may charge to and collect from the Letter of Credit the <br />following penalties: <br /> <br />(1) For failure to complete System construction in <br /> <br />\, <br /> <br />- 46 - <br />