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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 <br />sole determination of City, of such a nature or character as to require more <br />than thirty (30) days within which to perform, provided Grantee provides <br />written notice that it requires more than thirty (30) days to correct such <br />violations or liability, commences the corrective action within the thirty <br />(30) days period and thereafter uses reasonable diligence to correct the <br />violation or liability. <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 <br />is attributable to any damages sustained by City as a result of said default <br />or revocation. <br />d. Grantee shall be entitled to the return of the performance bond, or portion <br />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 <br />Grantee of any actual or potential damages incurred as a result of Grantee's <br />operations pursuant to the 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 <br />authorized by law, and no action, proceeding or exercise of a right with <br />respect to the performance bond shall affect any other right City may have. <br />2. Letter of Credit. <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 <br />acceptable to City, from a National or State bank approved by City, in the <br />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 <br />payment for penalties charged pursuant to this section, in payment for any <br />monies owed by Grantee to City or any person pursuant to its obligations <br />under this Franchise, or in payment for any damage incurred by City or <br />any person as a result of any acts or omissions by Grantee pursuant to this <br />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 <br />omissions by Grantee pursuant to the Franchise, City in its sole discretion <br />may charge to and collect from the Letter of Credit the following penalties: <br />Page 38 <br />