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for any and all damages and penalties which may arise as a result of this <br />Franchise. The policy or policies shall name the City as an additional <br />insured, and in their capacity as such, City officers, elected officials, <br />boards, commissions, agents and employees. <br />b. The policies of insurance shall be in the sum of not less than $1,000,000.00 <br />for personal injury or death of any one Person, and $2,000,000.00 for <br />personal injury or death of two or more Persons in any one occurrence, <br />$500,000.00 for property damage to any one person and $2,000,000.00 for <br />property damage resulting from any one act or occurrence. <br />c. The policy or policies of insurance shall be maintained by Grantee in full <br />force and effect during the entire term of the Franchise. Each policy of <br />insurance shall contain a statement on its face that the insurer will not <br />cancel the policy or fail to renew the policy, whether for nonpayment of <br />premium, or otherwise, and whether at the request of Grantee or for other <br />reasons, except after sixty (60) days advance written notice have been <br />provided to City. <br />SECTION 10. <br />SALE, ABANDONMENT, TRANSFER AND REVOCATION OF FRANCHISE <br />1. City's Right to Revoke. <br />a. In addition to all other rights which City has pursuant to law or equity, City <br />reserves the right to commence proceedings to revoke, terminate or cancel <br />this Franchise, and all rights and privileges pertaining thereto, if it is <br />determined by City that: <br />i. Grantee has violated material provisions(s) of this Franchise; or <br />ii Grantee has attempted to evade any of the provisions of the <br />Franchise; or <br />iii. Grantee has practiced fraud or deceit upon City. <br />City may revoke this Franchise without the hearing required by 9.2(b) <br />herein if Grantee is adjudged a bankrupt. <br />2. Procedures for Revocation. <br />a. City shall provide Grantee with written notice of a cause for revocation and <br />the intent to revoke and shall allow Grantee thirty (30) days subsequent to <br />receipt of the notice in which to correct the violation or to provide adequate <br />26 <br />Page 88 <br />