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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 /> (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 /> SECTION 8 <br /> GENERAL FINANCIAL AND INSURANCE PROVISIONS <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 /> 21 <br /> 232860v1 <br />