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<br />one year after completion of construction in the initial <br />service area, whichever is longer. Basic rates shall be <br />regulated pursuant to the terms and conditions of the <br />franchise. Rates for other than Basic Service shall be <br />regulated pursuant to the terms and conditions of the fran- <br />chise. The City retains the right to review the performance <br />and technological upgrading of the System. Rite Cable shall <br />exercise its best efforts: to maintain a modern, state-of- <br />the-art System which is comparable to other operating cable <br />television systems similarly situated. <br /> <br />SECTION 5. FRANCHISE RENEWAL <br /> <br />The franchise may be renewed at any time for a period of <br />up to fifteen years or on a year to year basis at the sole <br />discretion of the City. <br /> <br />ARTICLE VII. INDEMNIFICATION, INSURANCE, <br />LETTER OF CREDIT AND BOND <br /> <br />SECTION 1. GENERAL <br /> <br />The City retains all rights of indemnification, <br />insurance, letter of credit or bond as provided in the <br />franchise. <br /> <br />SECTION 2.' INDEMNIFICATION AND INSURANCE <br /> <br />Rite Cable shall fully indemnify, defend and hold harm- <br />less, City and all of its agents and employees from <br />liability and judgments for damages in connection with: <br />Damage to persons or property, any claim arising out of the <br />franchise, Rite Cable's failure to comply with provisions of <br />the franchise, or any Claim Rite Cable may have against <br />City. <br /> <br />SECTION 3. INSURANCE <br /> <br />Rite Cable shall maintain liability insurance for the <br />entire term of the franchise for amounts as specified in the <br />franchise and pursuant to the minimum requirements of this <br />section. <br /> <br />SECTION 4. LETTER OF CREDIT <br /> <br />Rite Cable shall mai~tain an irrevocable and uncondi- <br />tional Letter of Credit. The letter of Credit shall provide <br />that funds be paid to the City upon demand by the City pur- <br />suant to the procedures and minimum requirements of this <br />section. This section further provides minimum amounts for <br /> <br />- 6 - <br />