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<br /> <br />232860v1 <br /> <br />28 <br />c. Upon abandonment of any Franchise property in place, the Grantee, if <br />required by the City, shall submit to City a bill of sale and/or other an <br />instrument, satisfactory in form and content to the City, transferring to the <br />City the ownership of the Franchise property abandoned. <br />d. At the expiration of the term for which this Franchise is granted, or <br />upon its earlier revocation or termination, as provided for herein, in any such <br />case without renewal, extension or transfer, the City shall have the right to <br />require Grantee to remove, at Grantee's sole expense, all above-ground <br />portions of the Cable System from all Streets and public ways within the City <br />within a reasonable period of time, which shall not be less than one hundred <br />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 <br />Franchise property in place so long as it does not materially interfere with <br />the use of the Street or public rights-of-way in which such property is <br />located or with the use thereof by any public utility or other cable operator. <br /> <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, <br />alleys, or other public places within the Service Area if the City so requests. Failure by <br />the Grantee to remove its cable, wires, and appliances as referenced herein shall be <br />subject to the requirements of Section 9(3) of this Franchise. <br /> <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 <br />of a receiver or receivers, or trustee or trustees, to take over and conduct the business <br />of Grantee, whether in a receivership, reorganization, bankruptcy or other action or <br />proceeding, unless such receivership or trusteeship shall have been vacated prior to the <br />expiration of said one hundred twenty (120) days, or unless: (1) such receivers or <br />trustees shall have, within one hundred twenty (120) days after their election or <br />appointment, fully complied with all the terms and provisions of this Franchise granted <br />pursuant hereto, and the receivers or trustees within said one hundred twenty (120) <br />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 <br />the City; and (2) such receivers or trustees shall, within said one hundred twenty (120) <br />days, execute an agreement duly approved by the court having jurisdiction in the <br />premises, whereby such receivers or trustees assume and agree to be bound by each <br />and every term, provision and 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 $100,000 Performance Bond in a form and <br />with such sureties as are mutually acceptable to the Parties. The Performance Bond <br />shall be eliminated 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) <br />months from the Effective Date of the Franchise. The Performance Bond shall ensure <br />93