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The Grantee acknowledges and warrants by acceptance of the rights, privileges and <br /> agreements granted herein, that it has carefully read and fully comprehends the terms and <br /> conditions of this Franchise and is willing to and does accept all lawful and reasonable risks of the <br /> meaning of the provisions, terms and conditions herein. The Grantee further acknowledges and <br /> states that it has fully studied and considered the requirements relating to the upgrade of the Cable <br /> System, and all other requirements and provisions of this Franchise, and finds that the same are <br /> commercially practicable at this time. <br /> 2.8 Effect of Acceptance <br /> By accepting the Franchise,the Grantee: (1) acknowledges and accepts the City's legal right <br /> to issue and enforce the Franchise; (2) accepts and agrees to comply with each and every provision <br /> of this Franchise subject to applicable law; and (3) agrees that the Franchise was granted pursuant <br /> to processes and procedures consistent with applicable law, and that it will not raise any claim to <br /> the contrary. <br /> SECTION 3. FRANCHISE FEE PAYMENTS AND FINANCIAL CONTROLS <br /> 3.1 Franchise Fees <br /> As compensation for the benefits and privileges granted under this Franchise and in <br /> consideration of permission to use the Rights-of-Way, Grantee shall pay as a franchise fee to the <br /> City, throughout the duration of this Franchise, an amount equal to five percent (5%) of Grantee's <br /> Gross Revenues. Accrual of such franchise fees shall commence as of the Effective Date of this <br /> Franchise. <br /> 3.2 Payments <br /> Grantee's franchise fee payments to the City shall be computed quarterly for the preceding <br /> calendar quarter. Each quarterly payment shall be due and payable no later than thirty (30) days <br /> after the end of the preceding quarter. <br /> 3.3 Acceptance of Payment and Recomputation <br /> No acceptance of any payment shall be construed as an accord by the City that the amount <br /> paid is, in fact, the correct amount, nor shall any acceptance of payments be construed as a release <br /> of any claim the City may have for further or additional sums payable or for the performance of any <br /> other obligation of Grantee. The period of limitation for recovery of franchise fees payable <br /> hereunder shall be three(3)years from the date on which payment by the Grantee was due. <br /> 3.4 Quarterly Franchise Fee Reports <br /> Each payment shall be accompanied by a written report to the City, verified by an <br /> authorized representative of Grantee, containing an accurate statement in summarized form, as well <br /> Page 15 of 58 <br />