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Performa nce Bond and Letter of Credit. Triax must furnish a bond to the LMCC naming the <br />member municipalities as additional principals in the amount of One Hundred Fifty <br />Thousand Dollars ($150,000.00). Triax must also deliver to the LMCC an irrevocable and <br />unconditional Letter of Credit from a bank approved by the LMCC in the amount of Twenty <br />Thousand Dollars ($20,000.00). The Letter of Credit can be drawn upon by the LMCC in <br />payment for damages or for penalties for franchise violations as specified in the franchise. <br />The penalties provisions in the proposed franchise are intended to simplify the process of <br />penalizing Triax in the event of violations. <br />Indemnification and Insurance. The LMCC, its officers, boards, committees, commissions, <br />elected officials, employees and agents will not be liable for any loss or damage in <br />connection with the system or the franchise. Triax must indemnify and fully insure the <br />LMCC, its officers, boards, committees, commissions, elected officials, employees and <br />agents, from and against all liability as a result of the franchise as specified in the franchis . <br />LMCC’s Right to Revoke . The LMCC reserv'es the right to revoke, terminate or cancel the <br />franchise if it is determined that Triax has violated any material provision. <br />Sale or Transfer of Franchise. No sale, transfer, or corporate change of or in Triax may take <br />place without LMCC approval. Triax must reimburse LMCC for all the legal, administrative, <br />and consulting costs and fees associated with the LMCC’s review of any request to transfer. <br />The LMCC has the right of first refusal to purchase the System upon receipt by Triax of any <br />bona fide offer to buy.