Agmt24 Bandwidth IG, LLC - Laserfiche WebLink

Browse Search

REV: 09-30-22 SK such condition that may take more than 30 days to complete, City may thereafter obtain from the applicable Existing Security, after proper claim is made to the surety, an amount sufficient to compensate the City for its damages and/or expenses. Upon such withdrawal from an Existing Security, the City shall notify Company in writing, by First Class Mail, postage prepaid, of the amount withdrawn and the date thereof. 4.2.2 Thirty days after the City’s mailing of notice of the cash deposit or bond forfeiture or withdrawal authorized herein, Company shall deposit such further cash or bond, or other security, as the City may require, which is sufficient to bring the amount of each Existing Security back to its original amount. 4.2.3 The rights reserved to the City with respect to any Existing Security are in addition to all other rights of the City whether reserved by this Agreement or authorized by law, and no action, proceeding, or exercise of a right with respect to any cash deposit or bond shall constitute an election or waiver of any rights or other remedies the City may have. 4.3 Other Security Provisions. 4.3.1 If any Existing Security is a corporate surety bond and, in the opinion of the City, any surety or sureties thereon become insufficient, Company shall renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after receiving from City written demand thereof. 4.3.2 Any Existing Security consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former Existing Security shall be released. 4.3.3 If there is an increase to the estimated cost of any work, City may require Company to increase the amount of any Additional Performance Security and/or Additional Payment Security so that the applicable securities cover the entire estimated cost of the work. In addition, if there is any increase to the estimated cost of any work, City may also require Company to obtain an Additional Performance Security and/or Additional Payment Security even if such additional security had not been originally required with respect to the work. ARTICLE 5 TERM AND TERMINATION 5.1 Duration. This Agreement shall remain in force for ten (10) years (“Initial Term”), subject to the City’s authority to regulate the terms and conditions of Company’s use of the Public Rights-Of-Way, its right to terminate the Agreement pursuant to Section 5.2 below, or as otherwise provided in this Section 5.1. If none of the grounds for termination listed in Section 5.2 exist at the end of the Initial Term (or any Renewal Term), the Agreement shall automatically renew for a one (1) year period (a “Renewal Term”) on the same terms and conditions unless either Party provides written notice to the other Party at least six (6) months prior to the expiration of the then-current term stating it does not wish to renew the Agreement. For the sake of clarity, at the end of each Renewal Term this Agreement will renew for an additional Renewal Term unless it is terminated as described in the preceding sentence, pursuant to Section 5.2 below, or as otherwise provided in this Section 5.1. In the event that Company loses its authorizations to use the Public Rights-Of-Way, including ATTY/AGR.2022.364/Bandwidth IG, LLC (New Fiber Install) (Page 6 of 20)