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232860v1 <br />23 <br />expiration of this Franchise. The renewed or replaced security fund shall be for the full <br />amount stated in paragraph (a) of this section. <br />(j) If City draws upon the Security Fund or any subsequent security fund <br />delivered pursuant hereto, in whole or in part, Grantee shall replenish or replace the same <br />within fifteen (15) days and shall deliver to City a like replacement security fund for the <br />full amount stated in paragraph (a) of this section as a substitution of the previous <br />security fund. <br />(k) If any Security Fund is not so replenished or replaced, City may draw on <br />said security fund for the whole amount thereof and hold the proceeds, without interest, <br />and use the proceeds to pay costs incurred by City in performing and paying for any or all <br />of the obligations, duties and responsibilities of Grantee under this Franchise that are not <br />performed or paid by Grantee pursuant hereof, including attorneys’ fees incurred by the <br />City in so performing and paying. <br />(l) The collection by City of any damages, monies or penalties from the <br />security fund shall not affect any other right or remedy available to City, nor shall any <br />act, or failure to act, by City pursuant to the security fund, be deemed a waiver of any <br />right of City pursuant to this Franchise or otherwise. <br />(1) Liability Insurance. <br />a. Grantee shall with its acceptance of this Franchise, and at its sole <br />expense, take out and maintain during the term of this Franchise <br />comprehensive general liability insurance with a company licensed to do <br />business in the State of Minnesota with a rating by A.M. Best & Co. of <br />not less than “A-“ that shall protect the Grantee, the City and their <br />officials, officers, directors, employees and agents from any and all <br />claims which may arise from operations under this Franchise, whether <br />such operations be by the Grantee, its officials, officers, directors, <br />employees and agents or any subcontractors of Grantee. This liability <br />insurance shall include, but shall not be limited to, protection against <br />claims arising from bodily and personal injury and damage to property, <br />resulting from Grantee's vehicles, products and operations. The amount of <br />insurance for single limit coverage applying to bodily and personal injury <br />and property damage shall not be less than Two Million Dollars <br />($2,000,000.00). <br />b. The following endorsements shall be attached to the liability policy: <br />i. The policy shall provide coverage on an "occurrence" basis. <br />ii. The policy shall cover personal injury as well as bodily injury. <br />iii. The policy shall cover blanket contractual liability subject to the <br />88