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<br /> <br />232860v1 <br /> <br />21 <br /> <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 an Officer of the <br />Grantee, reflecting the total amounts of Gross Revenues and all payments <br />and computations of the Franchise Fee and the PEG Fee for the previous <br />calendar year. <br /> <br />(3) 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 <br />issues that may arise pursuant to this Franchise. <br /> <br />SECTION 8 <br />GENERAL FINANCIAL AND INSURANCE PROVISIONS <br /> <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 />(i) For failure to timely complete system upgrades as provided in this <br />Franchise unless the City has approved delays, and for failure to comply with <br />construction, operation or maintenance standards and requirements, the penalty <br />shall be Five Hundred and No/100 Dollars ($500) per day for each day, or part <br />thereof, such failure occurs or continues. <br />(ii) For failure to meet the customer service standards and <br />requirements as set forth in this Franchise and the exhibits hereto the penalty shall <br />86