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<br />penalties such as failure to construct the system and <br />failure to comply with terms and conditions of the <br />franchise. Said penalties may be assessed against Rite <br />Cable by the City and collected directly from the Letter of <br />Credit. The Letter of Credit must be maintained pursuant to <br />the prcoedures and requirements of this section. <br /> <br />SECTION 5. BONDS <br /> <br />Rite Cable must maintain with the City a bond condi- <br />tioned upon the faithful performance by Rite Cable of the <br />franchise, and further conditioned upon the terms and <br />requirements of this section. <br /> <br />ARTICLE VIII. DEFAULT <br /> <br />SECTION 1. NO!ICE AND DEFAULT <br /> <br />City shall notify Rite Cable in writing of violations of <br />the franchise. Rite Cable shall have thirty days to cure <br />such default, or be subject to the procedures of this <br />section leading to termination of the franchise. <br /> <br />ARTICLE IX. FORECLOSURE, RECEIVERSHIP <br />AND ABANDONMENT <br /> <br />SECTION 1. FORECLOSURE <br /> <br />Upon the foreclosure of judicial sale of the System, the <br />provisions of the franchise governing consent to transfer or <br />change in ownership shall apply. <br /> <br />SECTION 2. RECEIVERSHIP <br /> <br />City shall have the right to cancel the franchise 120 <br />days after the appointment of a receiver or trustee. <br /> <br />SECTION 3. ABANDONMENT <br /> <br />Rite Cable may not abandon any portion of the System <br />without having given not less than three months prior notice <br />to City and Board. Any such abandonment may be deemed a <br />cause for termination of the franchise. <br /> <br />- 7 - <br />