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IAA=�� <br /> guarantee and assure the faithful performance of RCN's or its contractor's <br /> obligations under this Agreement. City shall have the right to draw against the <br /> surety bond in the event of a default by. RCN or its contractor or in the event that <br /> RCN or its contractor fails to meet and fully perform any of its obligations; provided <br /> that RCN or its contractor is first given written notice of any intent to draw against <br /> the bond and an opportunity to cure. Following completion of the work by RCN or <br /> its contractor and its inspection and acceptance by the Director, the performance <br /> bond shall remain in effect to the extent of ten percent (10%) of the value of the <br /> work performed under each Encroachment Permit to guarantee and assure that <br /> faithful performance of RCN's obligations under this Agreement for a period of one <br /> (1) year from the City's acceptance of the work performed under each <br /> Encroachment Permit. City shall have the right to draw against the bond in the <br /> event of a default by RCN or its contractor or in the event that RCN or its <br /> contractor fails to meet and fully perform any of its obligations. The form of the <br /> performance bond shall be furnished and approved by the City. <br /> 11. Damaae to Facilities in Public Riqht-of-Wav or on Private <br /> Propertv. <br /> (a) RCN shall be responsible for any damage to City street pavements, <br /> existing utilities, curbs, gutters, sidewalks or to any private property or <br /> improvements to the extent attributable to its installation, maintenance, repair or <br /> removal of its Fiber Optic Network Facilities in Public Right-of-Way and shall <br /> repair, replace and restore in kind any such damaged facilities at its sole expense <br /> A�mt-371 <br /> Sh/RWGCounci] - l8 - <br /> FlSJfs <br /> U8/02/(x) <br /> _,. .._ .�..._. .. __..�... 7 _ <br />