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<br />_____m~__-----Ì>_y-City-to-RCN-jQ[.-seJYices- render.edJ1y-J[}spectorj[}~-connection ~ with- jhe--~----~- <br /> <br />inspection of the work of improvement. All payments of invoices shall be done <br /> <br />upon receipt and shall bear interest at the rate of 10% per annum on any unpaid <br /> <br />balance commencing thirty (30) days after the date of the invoice. <br /> <br />(e) Notwithstanding any statement to the contrary in this Agreement, this <br /> <br />Encroachment Agreement shall not include the residential areas of Redwood <br /> <br />Shores. <br /> <br />10. Peñormance Bond. Prior to the issuance of an Encroachment <br /> <br />Permit, RCN or its contractor shall provide City with a performance bond naming <br /> <br />City as obligee in the amount equal to one hundred percent (100%) of the value <br /> <br />of the work to be performed under each phase of each Encroachment Permit by <br /> <br />or on behalf of RCN or its contractor within and affecting the Public Right-of-Way <br /> <br />to guarantee and assure the faithful performance of RCN's or its contractor's <br /> <br />obligations under this Agreement. City shall have the right to draw against the <br /> <br />surety bond in the event of a default by RCN or its contractor or in the event that <br /> <br />RCN or its contractor fails to meet and fully perform any of its obligations; <br /> <br />provided that RCN or its contractor is first given written notice of any intent to <br /> <br />draw against the bond and an opportunity to cure. Following completion of the <br /> <br />work by RCN or its contractor and its inspection and acceptance by the Director, <br /> <br />the performance bond shall remain in effect to the extent of ten percent (10%) of <br /> <br />the value of the work performed under each Encroachment Permit to guarantee <br />Agmt-245 <br />G\shared\shared\Redwood\Co unci 1 <br />FXS/fs <br />03/15/99 <br />04/05/99; 04/20/99 <br /> <br />17 <br />