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v p <br /> • <br /> ARTICLE VIII. SECTION 5.A. <br /> SECTION 5 . BONDS <br /> A. At the commencement of this Franchise, and at all times <br /> thereafter until Grantee has liquidated all of its <br /> obligations with City, Grantee shall maintain with City a <br /> bond in the t-etal sum of Pe-Httn&red Fifty Thousand Dollars <br /> ($500, 000. 00) ($50, 000. 00) (which shall be replenishable and <br /> increased to Two-Hundred Fifty Thousand ($250, 000. 00) in the <br /> sole discretion of City) in such form and with such sureties <br /> as shall be acceptable to City, conditioned upon the <br /> faithful performance by Grantee of this Franchise and the <br /> • acceptance hereof given by Grantee and upon the further <br /> condition that in the event Grantee shall fail to comply <br /> with any law, ordinance or regulation, there shall be <br /> recoverable jointly and severally from the principal and <br /> surety of the bond, any damages or losses suffered by City <br /> as a result, including the full amount of any compensation, <br /> indemnification or cost of removal of any property of <br /> Grantee, including a reasonable allowance for attorneys' <br /> fees and costs (with interest at two percent (2%) in excess <br /> of the then Prime Rate) , up to the full amount of the bond, <br /> and which bond shall further guarantee payment by Grantee of <br /> all claims and liens against City or any public property, <br /> and taxes due to City, which arise by reason of the <br /> • construciton, operation, maintenance or use of the System. <br />