Orange County NC Website
Browse       Search
as <br />to pay to the Grantor any penalties, claims, liens, liquidated damages, fees due the <br />Grantor, such failure by the Grantee can be r°emedied by demand on the letter of <br />credit. The Grantor may immediately request payment of the amount due from <br />the letter of credit or bond.. Upon such request for payrnent, the Grantor shall <br />notify the Grantee of the amount and date thereof. <br />C. The letter of credit or bond shall be maintained at the amount indicated in Section <br />25A above during the entire term of the Franchise unless modified in accordance <br />with the procedures provided for in Section .34 of this Franchise. bl the event that <br />amounts are withdrawn pursuant to this Section, the Grantee, shall take any <br />required action to restore the letter of credit or bond to the original amount within <br />ten (10) business days of notification by the Grantor of its withdrawal against the <br />letter of credit. <br />D. The rights reserved to the Grantor with respect to the letter of credit or bond are in <br />addition to all other rights of the Grantor, whether reserved by the Franchise, or <br />authorized bylaw, and no action, proceeding or exercise of a right with respect to <br />such a letter shall affect any other right the Gr airtor may have,. <br />L. The letter of credit or bond shall contain the following endorsement: <br />"It is hereby understood and agreed that this letter of credit shall <br />rzot be canceled 67~ the sra ety nor the intention not to renew be <br />stated by the .sureq~ until thirty (30) calendar days after receipt by <br />the Gr°mttor, by registered snail, of a written notice of sa~ch an <br />intention to cancel or not to renew. " <br />F. The Grantee shall renew the letter of credit or bond not less than thirty (.30) <br />calendar days prior to its expiration and provide a copy of the renewal to the <br />Grantor. Failure to comply with this provision shall entitle the Grantor to draw <br />down the letter of credit or° bond in its entirety.. <br />Section 26. Remedies -Liquidated Damages <br />A. Because the Grantee's failure to comply with provisions of this Franchise will <br />result in injury to the Grantor, and because it will be difficult to estimate the <br />extent of such injury, the Grantor and the Grantee hereby agree to the following <br />liquidated damages, which represent both parties' best estimate of the damages <br />resulting from the specified injury. <br />1. For failure to extend service in accordance with Section 4: one lumdred <br />dollars ($100.00) for each day such offense continues, <br />2. For failure to submit reports, records and provide documents or <br />information: a one time fee of two hundred fifty dollars ($250.00) for each <br />offense. <br />16 <br />