Agmt18 Centrum Owners Association, Oracle Corp Grant of Revocable Encroachment Permit

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Facilities and detailed approvals of the installation of the Facilities will occur through the issuance of specific permits and approvals by the City. 3.5 This Permit shall be for the non-exclusive use of the Subject Premises. By executing this Permit, City does not agree to restrict the use of the Subject Premises in all or any part of the City by any person in the same business, a related business, or a competing business as Permittee. 3.6 Permittee is not authorized to use any City property located outside of the Public Rights -Of -Way nor any City -owned infrastructure located within the Public Rights -Of -Way without the prior express written Permit of the City. ARTICLE IV REQUIRED CASH DEPOSITOR BOND 4.1 Security. Permittee will furnish and deliver to City, the following securities, each of which must be issued by a surety duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer: (a) Performance Securitv. Permittee shall furnish and deliver a performance security (the "Durable Performance Security") in the amount of fifty thousand dollars ($50,000), concurrently with the execution of this Permit, which security must be acceptable to the City Engineer and shall be in substantially the form attached hereto as Exhibit "C. The Durable Performance Security shall be conditioned upon the faithful performance of this Permit and any work performed thereunder and shall be released by City one-year following the termination of this Permit. This one (1) year period is to guarantee that any work is of good quality and free from any defective or faulty materials or workmanship. City may draw on the Durable Performance Security in the event of a default by Permittee or in the event that Permittee fails to fulfill any of its obligations under this Permit. City may also draw on the Durable Performance Security to cover any reimbursements owed to City by Permittee. If City draws on the Durable Performance Security, it will notify Permittee of the amount drawn, and Permittee will promptly restore the Durable Performance Security to the full amount of fifty thousand dollars ($50,000). In the event that a bond issued pursuant to this Section of this Permit is canceled by the surety, after proper notice and pursuant to the terms of said bond, Permittee shall, prior to the expiration of said bond, procure a replacement bond that complies with the terms of this Section of this Permit. (b) Pavment Securitv. Permittee shall furnish and deliver a labor and materials security (the "Durable Payment Security") in the amount of fifty thousand dollars ($50,000), concurrently with the execution of this Permit, which security must be acceptable to the City Engineer and shall be in substantially the form attached hereto as Exhibit "D". The Durable Payment Security shall secure payment to the contractor(s) and subcontractor(s) performing any work subject to this Permit and to all persons furnishing labor, materials or equipment to them (each a potential "Claimant"). If City draws on the Durable Payment Security to pay any claimant, it will notify Permittee of the amount drawn, and Permittee will promptly restore the Durable Payment Security to the full ATTY/AGR/2018.026/275 ORACLE REV: 02-05-18 PR Page 4 of IS