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2 <br /> In the event any payment due quarterly is not received within thirty (30) days from the end of the <br /> calendar quarter, Grantee shall pay interest on the amount due at the rate of one percent (1%) per <br /> month, compounded daily, calculated from the date the payment was originally due until the date <br /> the City receives the payment. <br /> 4.8. Tax Liability <br /> The fees shall be in addition to any and all taxes or other levies or assessments which are now or <br /> hereafter required to be paid by businesses in general by any law of the City,the State or the United <br /> 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 /> 4.9. Payment on Termination <br /> If this Franchise terminates for any reason, the Grantee shall file with the City within ninety (90) <br /> 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 /> • 5. ADMINISTRATION AND REGULATION <br /> 5.1. Authority <br /> A. The City shall be vested with the power and right to reasonably regulate the exercise of the <br /> privileges permitted by this Franchise in the public interest, or to delegate that power and right, or <br /> any part thereof,to the extent permitted under law to any agent in its sole discretion. <br /> • <br /> B. Nothing in this Franchise shall limit nor expand the City's right of eminent domain under State <br /> law. <br /> 5.2. Time Limits Strictly Construed <br /> Whenever this Franchise sets forth a time for any act to be performed by Grantee, such time shall be <br /> deemed to be of the essence, and any failure of Grantee to perform within the allotted time may be <br /> considered a material breach of this Franchise, and sufficient grounds for the City to invoke any <br /> relevant remedy. <br /> • <br /> 6. FINANCIAL AND INSURANCE REQUIREMENTS <br /> 6.1. Indemnification <br /> 6.1.1. GENERAL INDEMNIFICATION <br /> 11N3i <br />