Laserfiche WebLink
such default. <br />J. The collection by City of any damages, monies or penalties <br /> <br /> from the Letter of Credit shall not affect any other right <br /> or remedy available to City, nor shall any act, or failure <br /> to act, by City pursuant to the Letter of Credit, be deemed <br /> a waiver of any right of City pursuant to this Franchise or <br /> otherwise. <br /> <br />SECTION 5. BONDS <br /> <br />A. At the commencement of this Franchise, and at all times <br /> thereafter until Grantee has liquidated all of its obliga- <br /> tions with City, Grantee shall maintain with City a bond in <br /> the total sum of One Hundred Thousand Dollars ($100,000.00) <br /> in such form and with such sureties as shall be acceptable <br /> to City, conditioned upon the faithful performance of Grant- <br /> ee of this Franchise and the acceptance hereof given by <br /> Grantee and upon the further condition that in the event <br /> Grantee shall fail to comply with any law, ordinance or reg- <br /> ulation, there shall be recoverable jointly and severally <br /> from the principal and surety of the bond, any damages or <br /> losses suffered by City as a result, including the full <br /> amount of any compensation, indemnification or cost of re- <br /> moval of any property of Grantee, including a reasonable <br /> allowance for attorneys' fees and costs (with interest at <br /> two (2%) percent in excess of the then prime rate), up to <br /> the full amount of the bond, and which bond shall further <br /> guarantee payment by Grantee of all claims and liens against <br /> City or any public property, and taxes due to City, which <br /> <br />63 <br /> <br /> <br />