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shall fail to comply with any law, ordinance or regulation governing the <br />Franchise, there shall be recoverable jointly and severally from the <br />principal and surety of the bond any damages or loss suffered by City as a <br />result, including the full amount of any compensation, indemnification or <br />a <br />cost of removal or abandonment of any property of the Grantee, plus <br />reasonable allowance for attorneys' fees and costs, up to the full amount of <br />the bond, and further guaranteeing payment by the Grantee of claims, liens <br />and taxes due City which arise by reason of the construction, operation, or <br />maintenance of the System. The rights reserved by City with respect to the <br />bond are in addition to all other rights City may have under the Franchise <br />or any other law. City may, from year to year, in its sole discretion, <br />reduce the amount of the bond. <br />b. The time for Grantee to correct any violation or Liability, shall be extended <br />by sole e de if the neon of action , of such a nature or character o in the <br />than thirty (30)ion days City, perform, provided Grantee provides <br />than thirty (30) days within which to p days to correct such <br />written notice that it requires more than thirty (30) Y <br />violations period rind thereafter usesereasonable diligence to correct (30) days <br />violation or liability. default of Grantee, City <br />c. In <br />ha lebe entitled Franchise oco ct from the performance bond that amount which <br />s damages sustained by City as a result of said default <br />is attributable to any <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 <br />ursuant to the Franchise or a incurred result of Grantee's <br />result of said <br />operations p <br />e. The rights reserved to City with respect to the performance F rand in <br />addition to all other rights of City whether reserved by this <br />authorized by law, and no action, proceeding or exercise of a right w eh <br />respect to the performance bond shall affect any other right City may ha. <br />2. Letter_of Credit <br />a. At the time of acceptance of this Franchise, <br />Grantee shall deliver to City <br />approved and <br />City, substance an irrevocable and from a National or State bank app form and su stance <br />acceptable to City, <br />amount of $25,000.00. <br />22 <br />Page 50 <br />