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(5) submission of as -built drawings after completion of construction; and (6) timely <br />payment and satisfaction of all claims, demands, or liens for labor, materials, or services <br />provided in connection with the work which could be asserted against the City or City <br />property. Said bond must remain in full force until the completion of construction, <br />including final inspection, corrections, and final approval of the work, recording of all <br />easements, provision of as -built drawings, and the posting of a Maintenance Bond as <br />described in Section 21.2. <br />Section 21.2. Maintenance Bond. Following excavation, installation, construction, <br />restoration or relocation of the Facilities and if required by the City, Franchisee shall <br />furnish a two (2) year maintenance bond ("Maintenance Bond"), or other surety <br />acceptable to the City, at the time of final acceptance of construction work on Facilities <br />within the Rights -of -Way. The Maintenance Bond amount will be equal to ten percent <br />(10%) of the documented final cost of the construction work. The Maintenance Bond in <br />this Section 21.2 must be in place prior to City's release of the bond required by Section <br />21.1. <br />Section 21.3. Franchise Bond. Franchisee shall provide City with a bond in the <br />amount of Twenty -Five Thousand Dollars ($25,000.00) ("Franchise Bond") running or <br />renewable for the term of this Franchise, in a form and substance reasonably acceptable <br />to City. In the event Franchisee shall fail to substantially comply with any one or more of <br />the provisions of this Franchise following notice and a reasonable opportunity to cure, <br />then there shall be recovered jointly and severally from Franchisee and the bond any <br />actual damages suffered by City as a result thereof, including but not limited to staff time, <br />material and equipment costs, compensation or indemnification of third parties, and the <br />cost of removal or abandonment of facilities hereinabove described. Franchisee <br />specifically agrees that its failure to comply with the terms of this Section 21 shall <br />constitute a material breach of this Franchise. The amount of the bond shall not be <br />construed to limit Franchisee's liability or to limit the City's recourse to any remedy to <br />which the City is otherwise entitled at law or in equity. <br />Page 30 of 45 <br />{E F M 4895-9658-9257;1/13175.000042/} <br />34 <br />