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3.7 Late Payments <br /> In the event any payment due quarterly is not received within thirty (30) days from the end <br /> of the calendar quarter, Grantee shall pay interest on the amount due at the rate of one percent (1%) <br /> per month, compounded daily, calculated from the date the payment was originally due until the <br /> date the City receives the payment. <br /> 3.8 Tax Liability <br /> The fees shall be in addition to any and all taxes or other levies or assessments which are <br /> now or hereafter required to be paid by businesses in general by any law of the City, the State or the <br /> United States including, without limitation, sales, use and other taxes, business license fees or other <br /> payments. Payment of the fees under this Franchise shall not exempt Grantee from the payment of <br /> any other license fee, permit fee, tax or charge on the business, occupation, property or income of <br /> Grantee that may be lawfully imposed by the City. <br /> 3.9 Payment on Termination <br /> If this Franchise terminates for any reason, the Grantee shall file with the City within ninety <br /> (90) calendar days of the date of the termination, a financial statement showing the Gross Revenues <br /> received by the Grantee since the end of the previous fiscal year. The City reserves the right to <br /> satisfy any remaining financial obligations of the Grantee to the City by utilizing the funds available <br /> in the irrevocable letter of credit or performance bond provided by the Grantee. <br /> SECTION 4. ADMINISTRATION AND REGULATION <br /> 4.1 Authority <br /> (A) The City shall be vested with the power and right to reasonably regulate the exercise <br /> of the privileges permitted by this Franchise in the public interest, or to delegate that power and <br /> right, or any part thereof,to the extent permitted under law to any agent in its sole discretion. <br /> (B) Nothing in this Franchise shall limit nor expand the City's right of eminent domain <br /> under State law. <br /> 4.2 Time Limits Strictly Construed <br /> Whenever this Franchise sets forth a time for any act to be performed by Grantee, such time <br /> shall be deemed to be of the essence, and any failure of Grantee to perform within the allotted time <br /> may be considered a material breach of this Franchise, and sufficient grounds for the City to invoke <br /> any relevant remedy. <br /> 8 <br />