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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 />