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REV: 06-29-21 MI <br />such condition that may take more than 30 days to complete, City may thereafter obtain from the <br />applicable Existing Security, after proper claim is made to the surety, an amount sufficient to <br />compensate the City for its damages and/or expenses. Upon such withdrawal from an Existing <br />Security, the City shall notify Company in writing, by First Class Mail, postage prepaid, of the <br />amount withdrawn and the date thereof. <br />4.2.2 Thirty days after the City’s mailing of notice of the cash deposit or bond <br />forfeiture or withdrawal authorized herein, Company shall deposit such further cash or bond, or other <br />security, as the City may require, which is sufficient to bring the amount of each Existing Security <br />back to its original amount. <br />4.2.3 The rights reserved to the City with respect to any Existing Security are in <br />addition to all other rights of the City whether reserved by this Agreement or authorized by law, and <br />no action, proceeding, or exercise of a right with respect to any cash deposit or bond shall constitute <br />an election or waiver of any rights or other remedies the City may have. <br />4.3 Other Security Provisions. <br />4.3.1 If any Existing Security is a corporate surety bond and, in the opinion of the <br />City, any surety or sureties thereon become insufficient, Company shall renew or replace any such <br />surety with good and sufficient surety or sureties within ten (10) days after receiving from City <br />written demand thereof. <br />4.3.2 Any Existing Security consisting of corporate surety bonds shall be kept on <br />file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the <br />replacement shall be filed with the City Engineer and made a part of and incorporated into this <br />Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former <br />Existing Security shall be released. <br />4.3.3 If there is an increase to the estimated cost of any work, City may require <br />Company to increase the amount of any Additional Performance Security and/or Additional Payment <br />Security so that the applicable securities cover the entire estimated cost of the work. In addition, if <br />there is any increase to the estimated cost of any work, City may also require Company to obtain an <br />Additional Performance Security and/or Additional Payment Security even if such additional security <br />had not been originally required with respect to the work. <br />ARTICLE 5 <br />TERM AND TERMINATION <br />5.1 Duration. This Agreement shall remain in force for ten (10) years, subject to the <br />City’s authority to regulate the terms and conditions of Company’s use of the Public Rights-Of-Way, <br />and its right to terminate the Agreement pursuant to Section 5.2 below. If none of the grounds for <br />termination listed in Section 5.2 exist at the end of the initial term (or any Renewal Term), the <br />Agreement shall automatically renew for a one (1) year period (a “Renewal Term”) on the same <br />terms and conditions unless either party provides written notice to the other party at least six (6) <br />months prior to the expiration of the then-current term stating it does not wish to renew the <br />Agreement. For the sake of clarity, at the end of each Renewal Term this Agreement will renew for <br />an additional Renewal Term unless it is terminated as described in the preceding sentence. In the <br />event that Company loses its authorizations to use the Public Rights-Of-Way, including any CPCN, <br />ATTY/AGR.2021.160/INTERMOUNTAIN INFRASTRUCTURE GROUP (Fiber Agreement) (Page 6 of 18)