4.5. SR 01-03-2005 - Laserfiche WebLink

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Section 6.3 Performance Bond. a. The Grantee must furnish to the Commission, for the banefit of the City, a performance bond in the amount of Fifty Thousand Dollars ($~O,OOO.OO) in a form and substance reasonably acceptable to the Commission, which bond may also be used comply with parallel bonding requirements impo$ed by the other members of the Sherburne-Wright Counties Cable Comrmunications Commission. At the time of acceptance of this Franchise, the Grantee will file with the Commission an evidence of receipt of such bond. The Grantee must maintain the bond until this Franchise expires or is terminated, and the Grantee has liquidated all of its obligations with the City. b. The bond shall be conditioned upon Grantee's faithful p$rformance in accordance with the terms of this Franchise, the Cable Ordi'1ance, and applicable laws and regulations. The bond must provide that in th~ event the Grantee fails to comply with any law, ordinance or regulation, any d~mages or loss suffered by the City as a result, including the full amount of any compensation, indemnification or cost of removal or abandonm~nt of any property of the Grantee, plus a reasonable allowance for attorneys' fees and costs, up to the full amount of the security, will be recoverable ~ointly and severally from the principal and surety of the bond, and further guaranteeing payment by the Grantee of claims, liens and taxes due the City whi~h arise. In the event this Franchise is revoked or the rights hereunder relinquished or abandoned by Grantee, the City is entitled to collect any resultan~ damages, costs or liabilities incurred by the City. c. The City and Grantee acknowledge that it may be: difficult or impossible to accurately quantify actual damages or losses suffered by the City due to a violation or unsatisfied obligation under this Franchise,. the Cable Ordinance, or applicable laws or regulations. Such violations or !unsatisfied obligations may, however, be presumed to harm the City and tpe public's interest. Accordingly, the City may, in its reasonable discretion, colleqt liquidated damages in an amount of up to Two Hundred and Fifty Dollars ($~50.00) per violation of any provision of this Franchise, the Cable Ordinance, or applicable laws or regulations. Each violation may be considered a separate violation for which separate liquidated damages can be imposed. d. In the event the City will make any claim against the bo~d, the City must comply with Section 14 of the Cable Ordinance governing enfdrcement of this Franchise. e. The City's rights herein are in addition to all other rigt]lts the City may have and the City's exercise of such rights does not constitute aln exclusive remedy nor limit any other right. RJV-257202vl SH255-1 8