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24 <br /> <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 sole <br />determination of City, of such a nature or character as to require more than thirty (30) <br />days within which to perform, provided Grantee provides written notice that it requires <br />more than thirty (30) days to correct such violations or liability, commences the <br />corrective action within the thirty (30) days period and thereafter uses reasonable <br />diligence to correct the 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 is attributable to <br />any damages sustained by City as a result of said default or revocation. <br /> <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 /> <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 /> <br />2. Letter of Credit and Liquidated Damages. <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 acceptable to <br />City, from a National or State bank approved by City, in the amount of $25,000.00. <br /> <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 /> <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 /> <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.