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9,2, <br /> <br />Franchise or authorized by law, and no action, proceeding or exercise of a right <br />with respect to the performance bond shall affect any other fight City or the <br />Commission may have. <br /> <br />Letter of Credit. <br /> <br />9.2.1 <br /> <br />On the Effective Date of this Franchise, the Grantee shall deliver to the <br />Commission an irrevocable and unconditional Letter of Credit, in a form and <br />substance acceptable to the Commission, from a National or State bank approved <br />by the Commission, in the amount of $25,000.00. <br /> <br />9.2.2 <br /> <br />The Letter of Credit shall provide that funds will be paid to the City upon written <br />demand of the City, and in an amount solely determined by the City in payment <br />for penalties charged pursuant to this Section, in payment for any monies owed by <br />the Grantee to the City or any Person pursuant to its obligations under this <br />Franchise, or in payment for any damage incurred by the City or any Person as a <br />result of any acts or omissions by the Grantee pursuant to this Franchise. <br /> <br />9.2.3 <br /> <br />In addition to recovery of any monies owed by the Grantee to the City or any <br />Person or damages to the City or any Person as a result of any acts or omissions <br />by the Grantee pursuant to the Franchise, the City in its sole discretion may <br />charge to and collect from the Letter of Credit the following penalties: <br /> <br />9.2.3.1 <br /> <br />For failure to timely complete the System Upgrade as provided in this <br />Franchise, unless the City or the Commission approves the delay, the <br />penalty shall be $ 500.00 per day for each day, or part thereof, such failure <br />occurs or continues. <br /> <br />9.2.3.2 <br /> <br />For failure to provide data, documents, reports or information or to <br />cooperate with City or the Commission during an application process or <br />system review or as otherwise provided herein, the penalty shall be <br />$250.00 per day for each day, or part thereof, such failure occurs or <br />continues. <br /> <br />9.2.3.3 <br /> <br />Fifteen (15) days following notice from City or Commission of a failure of <br />Grantee to comply with construction, operation or maintenance standards, <br />the penalty shall be $250.00 per day for each day, or part thereof, such <br />failure occurs or continues. <br /> <br />9.2.3.4 For failure to provide the services and the payments required by this <br /> Franchise, including, but not limited to, the implementation and the <br /> utilization of the PEG Access Channels, the penalty shall be $250.00 per <br /> day for each day, or part thereof, such failure occurs or continues. <br /> <br />44 <br /> <br /> <br />