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Section 9. The grantee shall submit to the City Council <br /> of grantor within sixty (60) days after the 1st day of January <br /> of each year of this franchise an annual report verified by <br /> the General Manager of grantee containing such detail information <br /> and covering such period as may be prescribed by the said City <br /> Council by ordinance. Said City Council of grantor shall have <br /> the power either through its members or by experts or employees <br /> duly authorized by it to examine the books and affairs of the <br /> grantee and to compel upon request all books and papers pertaining <br /> to such report or other matters to be produced. <br /> Section 10. The grantee shall have the right to sell , <br /> lease or assign this franchise but only upon condition that no <br /> sale, assignment or lease of this franchise shall be effective <br /> until the purchaser, assignee or lessee shall have filed in <br /> the office of the Clerk of grantor a duly executed instrument <br /> reciting the facts of the sale, assignment or lease, accepting <br /> the terms of the franchise affected, and agreeing to perform all <br /> of the conditions required of the grantee hereunder. The <br /> purchaser, assignee or lessee shall also file a bond in such <br /> amount and with such conditions as the City Council of grantor <br /> may require, which bond shall run to the grantor as obligee with <br /> sufficient surety to the satisfaction of said City Council and <br /> shall obligate the grantee or its successors in interest as <br /> herein defined to discharge all obligations or liabilities imposed <br /> upon the grantee by the franchise granted herein. <br /> Section 11 . This franchise is granted upon the express <br /> condition that the grantee within sixty (60) days after the <br /> adoption of this ordinance shall file with the Clerk of the <br /> grantor a written acceptance of the same and when so accepted <br /> by the grantee shall constitute a contract between the grantor <br /> and grantee for all the uses, services and purposes herein set <br /> forth and the term of this franchise shall upon said acceptance <br /> being so filed commence to run. <br /> Section 12. The City Council of the grantor may by <br /> ordinance forfeit the franchise herein granted in the event that <br /> the grantee or its assigns or successors in interest shall after <br /> reasonable notice from the said City Council of the grantor <br /> requiring it to do so, fail to comply with any of the provisions <br /> of said franchise, provided that said notice shall set forth in <br /> detail the grounds and things herein provided which the grantee <br /> has failed to comply with and shall give the grantee a period <br /> of not less than sixty (60) days to comply in full with said <br /> provisions as delineated in said notice. Provided further that <br /> the grantee, feeling itself aggrieved by said notice or feeling <br /> that said notice is not based upon fact, shall be allowed to <br /> test or contest the same by proper action in any court having <br /> jurisdiction in the same manner and under the same provisions <br /> as is provided in Section 6 hereof. <br /> Section 13 . The grantee agrees to post a surety bond <br /> in the face amount of Ten Thousand Dollars ($10,000.00) with one <br /> or more sufficient sureties satisfactory to the grantor, which <br /> bond shall be in effect at all times during the period of this <br /> franchise and said bond shall insure and guarantee unto the <br /> grantor the faithful performance by the grantee of all of the <br /> terms and conditions herein and in addition said bond shall <br /> -4- <br />