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SECTION 9. <br /> GENERAL FINANCIAL AND INSURANCE PROVISIONS <br /> 1. Performance Bond. <br /> a. At the time the Franchise becomes effective and at all times thereafter, until <br /> the Grantee has liquidated all of its obligations with City, the Grantee shall <br /> furnish a bond to City in the amount of$500,000.00 in a form and with <br /> such sureties as reasonably acceptable to City. This bond will be <br /> conditioned upon the faithful performance by the Grantee of its Franchise <br /> obligations and upon the further condition that in the event the Grantee <br /> 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 /> cost of removal or abandonment of any property of the Grantee, plus a <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 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 /> 22 <br />