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(O1) The Licensee shall furnish a surety bond in favor of the City in the <br />amount of Three Hundred Thousand Dollars ($300,000) to run <br />continuously (annual renewal allowed) until all landfill operations and <br />closure activities are completed to ensure compliance with the terms and <br />conditions of this License. Such bond shall be made by an insurance <br />company or other financial institution acceptable to the City and shall be <br />in a form acceptable to the City and its attorney. The bond shall be subject <br />to cancellation by the obligor by giving one hundred twenty (120) days' <br />prior written notice to the City. The Licensee shall renew each such bond <br />no more than sixty (60) days after any such written notice, and failure to <br />so renew the bond shall be an event of default of the obligations of the <br />Licensee and shall constitute ground for immediate and automatic <br />revocation of this License. Said bond shall provide that if the Licensee <br />refuses to obey any of the requirements or to any of the acts required by <br />this License or for any reason ceases to operate or abandons the landfill, <br />and the City is required to expend monies or labor or material to restore, <br />repair, or clean up the Landfill Site to the condition and requirements <br />required by law, the obligor shall reimburse the City for any and all <br />expenses incurred to remedy the failure of the Licensee to comply with <br />this License, and the obligor shall indemnify and save the City harmless <br />from all losses, costs, and charges that may occur to the City because of <br />any default by the Licensee. The bond may be in a form exercisable by <br />both the City and the County provided that such exercise feature allows its <br />use on instruction by either or both the City and County. <br />(02) In the event this, or any subsequent license is revoked or the <br />Licensee closes operation of the landfill for any reason, including but <br />without limitation, order of the court or other agency of competent <br />jurisdiction, bankruptcy, insolvency, or abandonment, the Licensee shall <br />immediately proceed to close, cover, and grade the Landfill Site according <br />to an environmentally sound closure plan which shall be approved by the <br />City and which shall comply with all requirements of the MPCA and <br />Sherburne County relating to final closure. In the event the Licensee fails <br />to comply with the terms of this subparagraph (02), the City may, upon <br />ninety (90) days' prior notice to the Licensee, enter onto the property and <br />perform all such obligations, the costs of which shall be borne by the <br />Licensee, or, in default thereof, by its surety. <br />13.) Applicability of License. This License shall apply to the entire <br />Landfill Property located within the City limits. <br />14.) License Period. This renewed License shall be in force and effect <br />until February 16, 2012. <br />15.) Violation of Conditions. If the Licensee or its successors or <br />assigns violate any term or condition imposed by this License, this License <br />16 <br />