Laserfiche WebLink
� � <br /> � <br /> certified by an officer of the Grantee, reflecting the total amounts of gross <br /> revenues and all payments, deductions and computations for the period covered <br /> by the payment. Upon thirty (30) days prior written notice, Grantor shall have the <br /> right to conduct an independent financial audit of Grantee's Gross Annual <br /> Revenue and Franchise Fee records, and if such audit indicates a Franchise Fee <br /> underpayment of two percent (2%) or more, and the Grantee has Gross Annual <br /> Revenues in excess of One Hundred Thousand Dollars ($100,000), the Grantee <br /> shall assume all reasonable documented costs of such audit, and pay same <br /> upon demand by the City. <br /> (c) In the event that any Franchise Fee payment or payment of <br /> any adjustment to any Franchise Fee is not made on or before the dates <br /> specified in Section 3.2(e), unless otherwise excused, Grantee shall pay: <br /> (1) an interest charge, computed from such due date, at <br /> an annual rate of eight percent (8%); and <br /> (2) if the payment is late by ninety (90) days or more, a <br /> sum of money equal to five percent (5%) of the amount due in order to defray <br /> those additional expenses and costs incurred by the Grantor due to Grantee's <br /> delinquent payment. <br /> 3.5 Insurance <br /> (a) Grantee shall procure and maintain for the duration of the <br /> Franchise insurance against claims for injuries to persons or damages to <br /> property which may arise from or in connection with the operation of the <br /> Franchise by the Grantee, its agents, representatives, employees or <br /> subcontractors. <br /> (b) Grantee shall maintain limits no less than: <br /> 12 <br /> sh/RWC/Council <br /> AGMT-382 <br /> FXS/fs <br /> 08/02/00 <br />