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(4) Upon reasonable notice and during Normal Business Hours, Grantee shall permit <br /> examination by any duly authorized representative of the City of all Franchise property and <br /> facilities,together with any appurtenant property and facilities of Grantee situated within or <br /> without the City, and those records relating to this Franchise, that enable the City to carry out its <br /> regulatory responsibilities under Applicable Laws and this Franchise. Grantee shall have the <br /> right to be present at any such examination. <br /> (5) Reports. All reports required under this Franchise shall be furnished at the sole <br /> expense of Grantee. <br /> (a) During the first three (3) years following the Effective Date of this <br /> Franchise, Grantee shall provide City with a quarterly report evidencing the progress of <br /> System construction and extension as set forth in Section 3 (4) of this Franchise. <br /> (b) Grantee shall provide City with an annual statement,within ninety(90) <br /> days of the close of each calendar year end, certified by Grantee's controller or chief <br /> financial officer, reflecting the total amounts of Gross Revenues and all payments and <br /> computations of the Franchise Fee and the PEG Fee for the previous calendar year. <br /> (6) Duty to Cooperate. Each of Grantee and City shall use its commercially <br /> reasonable efforts to communicate and promptly and in good faith resolve any issues that may <br /> arise purSuant to this Franchise. <br /> SECTION 8 <br /> GENERAL FINANCIAL AND INSURANCE PROVISIONS <br /> (1) Security Fund. <br /> (a) At the time of acceptance of this Franchise, Grantee shall provide, from a <br /> financial institution mutually acceptable to the Parties, and in a form and substance <br /> mutually acceptable to the Parties, an irrevocable and unconditional Letter of Credit in <br /> the sum of Ten Thousand and No/100 Dollars ($10,000.00) for the benefit of the City to <br /> ensure compliance by Grantee with all terms of the Franchise ("Security Fund"). Grantee <br /> shall maintain this Security Fund throughout the term of this Franchise and pursuant to <br /> Section 9(3)(b), and until such time as Grantee has liquidated all of its obligations with <br /> City. <br /> (b) The Security Fund shall provide that funds will be paid to City, upon <br /> written demand of City, and after the procedures of this section have been complied with <br /> in payment for liquidated damages charged pursuant to this section, in payment for any <br /> monies owed by Grantee pursuant to its obligations under this Franchise, or in payment <br /> for any damage incurred as a result of any acts or omissions by Grantee pursuant to this <br /> Franchise. <br /> (c) In addition to recovery of any monies owed by Grantee to City or damages <br /> to City as a result of any acts or omissions by Grantee pursuant to the Franchise, City in <br /> its sole discretion may charge to and collect from the Security Fund the following <br /> mutually agreed upon liquidated damages: <br /> 1�12�6�2 17 <br />