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notice of such cancellation. Notice shall be provided as required by Section 12 below. <br />Should the City receive such notice, at City's discretion, the City may send a notice of <br />default to VERIZON allowing VERIZON 15 days to cure its failure to maintain insurance <br />as required by this Franchise Agreement. If VERIZON fails to cure the default within <br />such 15 -day period, the City may unilaterally terminate this Franchise Agreement by <br />sending a written notice of termination to VERIZON. <br />C. VERIZON's contractors and subcontractors performing Work in the Public <br />Rights -of -Way shall comply with such bond, indemnity, and insurance requirements as <br />may be required by City code or regulations, or other applicable Law. Any contractors <br />or subcontractors performing Work within the Public Rights -of -Way on behalf of <br />VERIZON shall be deemed servants and agents of VERIZON for the purposes of this <br />Franchise Agreement and are subject to the same restrictions, limitations, and <br />conditions as if the Work were performed by VERIZON. VERIZON shall be responsible <br />for all Work performed by its contractors and subcontractors and others performing <br />Work on its behalf as if the Work were performed by it, and shall ensure that all such <br />Work is performed in compliance with this Franchise Agreement and other applicable <br />laws, and shall be jointly and severally liable for all damages and correcting all damage <br />caused by them. It is VERIZON's responsibility to ensure that contractors, <br />subcontractors, or other Persons performing Work on VERIZON's behalf are familiar <br />with the requirements of this Franchise Agreement and other applicable Laws governing <br />the Work performed by them. <br />Section 9. Other Permits and Approvals. Nothing in this Agreement shall relieve <br />VERIZON from any obligation to obtain approvals or necessary permits from applicable <br />federal, state, and City authorities for all activities in the Franchise Area. <br />Section 10. Transfer of Ownership. <br />A. The rights, privileges, benefits, title, or interest provided by this Franchise shall <br />not be sold, transferred, assigned or otherwise encumbered, without the prior written <br />consent of the City, with such consent not being unreasonably withheld or delayed. No <br />such consent shall be required, however, for a transfer in trust, by other hypothecation, <br />or by assignment or any rights, title or interest in VERIZON's telecommunications <br />system in order to secure indebtedness. Approval shall not be required for mortgaging <br />purposes provided that the collateral pledged for any mortgage shall not include the <br />assets of this franchise. Approval shall not be required for any transfer from VERIZON <br />to another person or entity controlling, controlled by, or under common control with <br />VERIZON. VERIZON may license Facilities to other users without the consent of the <br />City provided that VERIZON remains solely responsible for the terms and conditions <br />outlined in this Franchise Agreement. <br />B. In any transfer of this Franchise which requires the approval of the City, <br />VERIZON shall show that the recipient of such transfer has the technical ability, <br />financial capability, and any other legal or general qualifications as reasonably <br />determined by the City to be necessary to ensure that the obligations and terms <br />required under this Franchise Agreement can be met to the full satisfaction of the City. <br />This Franchise may not be transferred without filing or establishing with the City the <br />W: Word Processing\Ordinances\Verizon-Seattle SMSA Franchise Agreement 1-29-18 <br />GL:bjs <br />Page 13 of 20 <br />88 <br />