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<br /> Fund is in the form of a letter of credit, Grantee shall not oppose Grantor <br /> withdrawal. <br />4. Section 3.8 (d) of the Franchise Agreement is deleted and replaced by the <br />following: <br /> (d)(1) In the event the Council finds that a material violation exists and that <br /> Grantee has not corrected the same in a satisfactory manner or has not <br /> diligently commenced correction of such violation, the Council may impose <br /> liquidated damages, assessable from the security fund, of up to Two <br /> Hundred Dollars ($200) per day or per incident for all violations of this <br /> Agreement other than any unexcused violations of the System <br /> construction schedule set forth in Section 5.1 (a) herein (which shall be <br /> enforceable solely as provided in Section 3.8(e) as amended), provided <br /> that all violations of a similar nature occurring at the same time shall be <br /> considered one (1) incident. <br /> (2) If the Grantor assesses liquidated damages pursuant to this <br /> Agreement, then such assessment shall constitute Grantor's exclusive <br /> remedy for a period of one hundred twenty (120) days from the date of the <br /> first imposition of any damages. Thereafter, if the Grantee remains in <br /> non-compliance with the requirements of this Agreement, the Grantor may <br /> pursue any other available remedy, provided, however, that Grantor may <br /> institute revocation proceedings against Grantee only after declaration of <br /> default on the grounds set forth in Section 3.9 herein. <br />5. Section 3.8 of the Franchise Agreement is amended by adding a new <br />Section 3.8(e) as follows: <br /> (e) Unexcused violations of the System construction schedule provided in <br /> Section 5.1 (a) shall automatically trigger the provisions of Section 5.1 (c) of <br /> this Agreement, as amended. <br />6. Section 5.1 (c) of the Franchise Agreement is deleted and replaced by the <br />following: <br /> (c) If construction of the Cable System is not completed by August 28, <br /> 2006, as required by Section 5.1 (a) above, the remaining term of the <br /> Franchise shall be reduced by one (1) month for each month after August <br /> 28,2006 that the Cable System construction has not been completed. By <br /> way of example, the potential reduction of the franchise terms is illustrated <br /> below: <br /> Page 3 of 10 <br />