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<br />( <br /> <br />incurred by City in performing and paying for any or all Qf the <br />obligations, duties, and responsibilities of Grantee under this <br />Franchise that are not performed or paid for by Grantee <br />pursuant hereto, including attorney's fees incurred by the City <br />in so performing and paying. The failure to replace any Letter <br />of Credit may also, at the option of the City, be deemed a <br />default by Grantee under this Franchise. The drawing on the <br />Letter of Credit by City, and use of the money so obtained for <br />payment or performance of the obligations, duties and <br />responsibilities of Grantee which are in default, shall not be a <br />waiver or release of such default. <br /> <br />J. <br /> <br />The collection by City of any damages, monies, or penalties <br />from the Letter of Credit shall not affect any other right or <br />remedy available to City, nor shall any act, or failure to act, by <br />City pursuant to the Letter of Credit, be deemed a waiver of <br />any right of City pursuant to this Franchise or otherwise. <br /> <br />SECTION 5. BONDS <br /> <br />A. At the commencement of this Franchise, and at all times <br />thereafter until Grantee has liquidated all of its obligations <br />with City, Grantee shall maintain with City a bond in the total <br />sum of Five Hundred Thousand Dollars ($500,000.00) in such <br />form and with such sureties as shall be acceptable to City, <br />conditioned upon the faithful performance by Grantee of this <br />Franchise and the acceptance hereof given by Grantee and upon <br />the further condition that in the event Grantee shall fail to <br />comply with any law, ordinance, or regulation, there shall be <br />recoverable jointly and severally from the principal and surety <br />of the bond, any damages or losses suffered by City as a result, <br />including the full amount of any compensation, indemnification, <br />or cost of removal of any property of Grantee, including a <br />reasonable allowance for attorneys' fees and costs (with interest <br />at two percent (2%) in excess of the then Prime Rate), up to the <br />full amount of the bond, and which bond shall further guarantee <br />payment by Grantee of aU claims and liens against City or any <br />public property, and taxes due to City, which arise by reason of <br />the construction, operation, maintenance, or use of the System. <br /> <br />B. <br /> <br />The rights reserved by City with respect to the bond are in <br />addition to all other rights the City may have under this <br />Franchise or any other law. <br /> <br />l <br /> <br />C. <br /> <br />City may, in its sole discretion, reduce the amount of the bond. <br /> <br />- 49 - <br />