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Grantee informing it of such violation. At any time after thirty (30) days (or such <br /> longer reasonable time which, in the determination of the City or the <br /> Commission, is necessary to cure the alleged violation) following local receipt of <br /> notice, provided the Grantee remains in violation of one or more terms, conditions or <br /> provisions of this Franchise, in the sole opinion of the City the City may draw from <br /> the Letter of Credit all penalties and other monies due the City from the date of the <br /> local receipt of notice. <br /> 9.2.6 Prior to drawing on the Letter of Credit, the City or the Commission shall give <br /> Grantee written notice that it intends to draw, and the Grantee may, within seven <br /> (7) days thereafter, notify the City in writing that there is a dispute as to whether a <br /> violation or failure has in fact occurred. Such written notice by the Grantee to the <br /> City shall specify with particularity the matters disputed by Grantee. All penalties <br /> shall continue to accrue, but the City or the Commission may not draw from the <br /> Letter of Credit during any appeal pursuant to this subparagraph 9.2.6. <br /> 9.2.6.1 City or the Commission shall hear Grantee's dispute within sixty (60) <br /> days and the City shall render a final decision within sixty (60) days <br /> thereafter. Withdrawal from the Letter of Credit may occur only upon a <br /> final decision. <br /> 9.2.7 If said Letter of Credit or any subsequent Letter of Credit delivered pursuant <br /> thereto expires prior to thirty (30) months after the expiration of the term of this <br /> Franchise, it shall be renewed or replaced during the term of this Franchise to <br /> provide that it will not expire earlier than thirty (30) months after the expiration of <br /> this Franchise. The renewed or replaced Letter of Credit shall be of the same form <br /> and with a bank authorized herein and for the full amount stated in subsection <br /> 9.2.1 of this Section. <br /> 9.2.8 If the City draws upon the Letter of Credit or any subsequent Letter of Credit <br /> delivered pursuant hereto, in whole or in part, the Grantee shall replace or replenish <br /> to its full amount the same within ten (10) days and shall deliver to the City a like <br /> replacement Letter of Credit or certification of replenishment for the full amount <br /> stated in Section 9.2.1 as a substitution of the previous Letter of Credit. This shall <br /> be a continuing obligation for any withdrawals from the Letter of Credit. <br /> 9.2.9 If any Letter of Credit is not so replaced or replenished, the City may draw on said <br /> Letter of Credit for the whole amount thereof and use the proceeds as the City <br /> determines in its sole discretion. The failure to replace or replenish any Letter of <br /> Credit may also,at the option of the City,be deemed a default by the Grantee under this <br /> Franchise. The drawing on the Letter of Credit by the City, and use of the money <br /> so obtained for payment or performance of the obligations, duties and <br /> responsibilities of the Grantee which are in default, shall not be a waiver or release of <br /> such default. <br /> 9.2.10 The collection by City of any damages, monies or penalties from the Letter of <br /> Credit shall not affect any other right or remedy available to it, nor shall any act, or <br /> 37 <br /> 489232v1 RJV QU210-6 <br />