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of One Hundred Thousand and No/100 Dollars ( $100, 000 . 00 ) , <br /> Grantee shall be required to provide City a Letter of Credit <br /> in the amount of Fifteen Thousand an No/100 Dollars <br /> ( $15 , 000 . 00 ) during the term of said construction, which <br /> shall thereafter be replaced by a Letter of Credit in the <br /> amount of Five Thousand and No/100 Dollars ( $5 , 000 . 00) upon <br /> completion of the additional construction. The notice and <br /> mutual agreement provisions of this paragraph shall apply in <br /> considering a reduction in the amount of the Letter of Credit <br /> for any such additional construction. <br /> B. The Letter of Credit shall provide that funds will be paid to <br /> City, upon written demand, and in an amount determined by <br /> City in payment for penalties charged pursuant to this <br /> section, in payment for any monies owed by Grantee pursuant <br /> to its obligations under this Franchise, or in payment for <br /> any damage incurred as a result of any acts or omissions by <br /> Grantee pursuant to this Franchise . <br /> C. In addition to recovery of any monies owed by Grantee to City <br /> or damages to City as a result of any acts or omissions by <br /> Grantee pursuant to the Franchise, City in its sole <br /> discretion may charge to and collect from the Letter of <br /> Credit the following penalties : <br /> ( 1 ) For failure to complete System construction in <br /> accordance with Grantee ' s initial service area plan, <br /> unless City approved the delay, the penalty shall be <br /> Five Hundred Dollars ( $500 . 00 ) per day for each day, or <br /> part thereof, such failure occurs or continues . <br /> 44 <br />