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(d) At the expiration of the term for which this Franchise is granted, or upon <br /> its earlier revocation or termination, as provided for herein, in any such case without <br /> renewal, extension or transfer,the City shall have the right to require Grantee to remove, <br /> at Grantee's sole expense, all above-ground portions of the Cable System from all Streets <br /> and public ways within the City within a reasonable period of time, which shall not be <br /> less than one hundred eighty (180) days. <br /> (e) Notwithstanding anything to the contrary set forth in this Franchise, the <br /> Grantee may, with the consent of the City, abandon any underground Franchise property <br /> in place so long as it does not materially interfere with the use of the Street or public <br /> rights-of-way in which such property is located or with the use thereof by any public <br /> utility or other cable operator. <br /> (4) Extended Operation and Continuity of Services. Upon termination or forfeiture of <br /> this Franchise, Grantee shall remove its cable, wires, and appliances from the Streets, alleys, or <br /> other public places within the Service Area if the City so requests. Failure by the Grantee to <br /> remove its cable, wires, and appliances as referenced herein shall be subject to the requirements <br /> of Section 9(3) of this Franchise. <br /> (5) Receivership and Foreclosure. The Franchise granted hereunder shall, at the <br /> option of City, cease and terminate one hundred twenty (120) days after appointment of a <br /> receiver or receivers, or trustee or trustees,to take over and conduct the business of Grantee, <br /> whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless such <br /> receivership or trusteeship shall have been vacated prior to the expiration of said one hundred <br /> twenty(120) days, or unless: (1) such receivers or trustees shall have, within one hundred twenty <br /> (120) days after their election or appointment, fully complied with all the terms and provisions of <br /> this Franchise granted pursuant hereto, and the receivers or trustees within said one hundred <br /> twenty(120) days shall have remedied all the defaults and violations under this Franchise or <br /> provided a plan for the remedy of such defaults and violations which is satisfactory to the City; <br /> and(2) such receivers or trustees shall,within said one hundred twenty (120) days, execute an <br /> agreement duly approved by the court having jurisdiction in the premises, whereby such <br /> receivers or trustees assume and agree to be bound by each and every term,provision and <br /> limitation of this Franchise. <br /> (6) Performance Bond. Within thirty(30) days of Grantee's execution of this <br /> Franchise Grantee shall provide City with a$500,000 Performance Bond in a form and with such <br /> sureties as are mutually acceptable to the Parties. The Performance Bond shall be in the amount <br /> of$500,000 to be reduced to $300,000 twenty-four(24)months from the Effective Date and <br /> reduced further to $100,000 upon completion of the System extension obligations set forth in <br /> Section 3 of this Franchise which the parties anticipate to be completed thirty-six(36)months <br /> from the Effective Date of the Franchise. The Performance Bond shall ensure compliance with <br /> all infrastructure requirements of the Franchise. If additional construction is undertaken in the <br /> City, Grantee shall comply with Applicable Law regarding any bonding requirements. <br /> (7) Procedure for Enforcing Franchise. In the event City believes that Grantee has <br /> breached or violated any provision of this Franchise, City shall act in accordance with Section <br /> 9(1) (c-�. <br /> t n2�6�2 24 <br />