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II <br />II <br />II <br />II <br /> <br />II <br />II <br /> <br />II <br />II <br />! <br />! <br /> <br />I <br /> <br />SECTION 4. <br /> <br /> City during the term of the Franchise. The above minimum <br /> amounts shall be changed from time to time by Grantee as <br /> requested by City. Grantee shall immediately give notice to <br /> City of any threatened or pending litigation affecting this <br /> insurance. <br /> <br />Neither the provisions of this section nor any damages re- <br />covered by City or any individual shall be construed to, or <br />shall limit the liability of Grantee. <br /> <br />No recovery by City of any sum by reason of the Letter of <br />Credit or Bond required in this Franchise shall be any lim- <br />itation upon the liability of Grantee to City under the <br />terms of this section, except that the sum so received by <br />City from such Letter of Credit or Bond shall be deducted <br />from a recovery by City under this section, if for the same <br />act or occurrence. <br /> <br />All insurance policies maintained pursuant to this Franchise <br />shall contain the following endorsement: <br /> <br /> It is hereby understood and agreed that this insurance <br /> policy may not be cancelled nor the intention not to <br /> renew be stated until 60 days after receipt by City, by <br /> registered mail, of written notice of such intention to <br /> cancel or not to renew. <br /> <br /> LETTER OF CREDIT <br /> <br />At the time of acceptance of this Franchise, Grantee shall <br />deliver to City an irrevocable and unconditional Letter of <br />Credit, in form and substance acceptable to City, from a <br />National or State bank approved by City, in the amount of <br /> <br />58 <br /> <br /> <br />