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<br /> B. Except for the wilful misconduct or gross negligence of the City, the
<br /> Grantee shall, at its sole cost and expense, defend, indemnify and hold harmless the City,
<br /> its officials, board commissions, consultants, agency and employees from and against any
<br /> and all claims, suits, causes of action, proceedings, liabilities and judgements for damages
<br /> arising out of or in connection with(1)the award of the Franchise granted hereunder, (2)
<br /> the Grantee's construction, operation, maintenance, repair or upgrade of the Cable
<br /> Television System under the Franchise. These damages shall include, but not be limited
<br /> to, penalties arising out of copyright infringements and damages arising out of any failure
<br /> by Grantee to secure consents from the owners, authorized distributors or licensees of
<br /> programs to be delivered by the Grantee's Cable Television System, excluding PEG
<br /> Programming provided by Persons other than the Grantee, whether or not any act or
<br /> omission complained of is authorized„ allowed, or prohibited by the Franchise.
<br /> Indemnified expenses shall include, but not be limited to, all out-of-pocket expenses,
<br /> such as attorney fees, and shall also include the reasonable value of any services rendered
<br /> by the City Attorney or his assistants or any consultants, agency and employees of the
<br /> City.
<br /> 2.7 Letter of Credit-Bonds-Financial Documentation:
<br /> A. Within thirty(30)days after the award of the Franchise, the Grantee shall
<br /> deposit with the City a letter of credit, paid bond or other financial document acceptable
<br /> to the City from a financial institution in the amount of Twenty-Five Thousand Dollars
<br /> ($25,000.00). The form and content of such letter of credit or financial document shall
<br /> be approved by the City Attorney. The letter of credit, bond, or financial document shall
<br /> be used to insure the faithful performance by the Grantee of all provisions of the
<br /> Franchise and this ordinance; and compliance with all orders, permits, and directions of
<br /> any agency, commission, board, department, bureau or office of the City having
<br /> jurisdiction over its acts or defaults under the Franchise Agreement or this ordinance, and
<br /> the payments by the Grantee of any penalties, claims, liens and taxes due the City or
<br /> other governmental entities which arise by reason of the construction, operation,
<br /> maintenance, repair or upgrade of the System.
<br /> B. If the Grantee fails to pay to the City any compensation due the City
<br /> within the time fixed herein; or, fails, after thirty(30) days notice to pay to the City any
<br /> amounts due and unpaid; or fails to repay the City within thirty(30) days, any damages,
<br /> costs or expenses which the City is compelled to pay by reason of any act or default of
<br /> the Grantee in connection with the Franchise; or, fails, after ten(10) days notice of such
<br /> failure by the Grantee to comply with any provision of the Franchise Agreement or this
<br /> ordinance which the City reasonably determines can be remedied by demand on the letter
<br /> of credit,bond, or other financial document, the City may immediately request payment
<br /> of the amount thereof,with interest any penalties, from the letter of credit, bond, or other
<br /> financial document. Upon such request for payment, the City shall notify the Grantee of
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