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the right to satisfy any remaining financial obligations of the Grantee to the City by utilizing the
<br /> funds available 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
<br /> the exercise of the privileges permitted by this Franchise in the public interest, or to delegate that
<br /> power and right, or any part thereof, to the extent permitted under law to any agent in its sole
<br /> discretion.
<br /> (B) Nothing in this Franchise shall limit nor expand the City's right of eminent
<br /> domain 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
<br /> time shall be deemed to be of the essence, and any failure of Grantee to perform within the
<br /> allotted time may be considered a material breach of this Franchise, and sufficient grounds for
<br /> the City to invoke any relevant remedy.
<br /> SECTION 5. FINANCIAL AND INSURANCE REQUIREMENTS
<br /> 5.1. Indemnification
<br /> (A) General Indemnification. Grantee shall indemnify, defend and hold the
<br /> City, its officers, officials, boards, commissions, agents and employees, harmless from any
<br /> action or claim for injury, damage, loss, liability, cost or expense, including court and appeal
<br /> costs and attorneys' fees or expenses, arising from any casualty or accident to Person or
<br /> property, including, without limitation, copyright infringement, defamation, and all other
<br /> damages in any way arising out of, or by reason of, any construction, excavation, operation,
<br /> maintenance, reconstruction, or any other act done under this Franchise, by or for Grantee, its
<br /> agents, or its employees, or by reason of any neglect or omission of Grantee. Grantee shall
<br /> consult and cooperate with the City while conducting its defense of the City.
<br /> (B) Indemnification for Relocation. Grantee shall indemnify the City for any
<br /> damages, claims, additional costs or expenses assessed against, or payable by, the City arising
<br /> out of, or resulting from, directly or indirectly, Grantee's failure to remove, adjust or relocate any
<br /> of its facilities in the Rights-of-Way in a timely manner in accordance with any relocation
<br /> required by the City.
<br /> (C) Procedures and Defense. If a claim or action arises, the City or any other
<br /> indemnified party shall promptly tender the defense of the claim to Grantee, which defense shall
<br /> be at Grantee's expense. The City may participate in the defense of a claim and, in any event,
<br /> Grantee may not agree to any settlement of claims affecting the City without the City's approval.
<br /> (D) Non-waiver. The fact that Grantee carries out any activities under this
<br /> Franchise through independent contractors shall not constitute an avoidance of or defense to
<br /> Grantee's duty of defense and indemnification under this subsection.
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