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• . ; . <br /> 1 shall, after reasonable notice from the City Council requiring it to do so, fail <br /> 2 to comply with any of the provisions of said franchise. <br /> 3 Section 14: The Grantee agrees to post a surety bond in the face amount <br /> 4 <br /> of $10,000, with one or more sufficient sureties satisfactory to the Grantor with <br /> 5 <br /> the Grantor as beneficiary thereunder, which bond shall be in effect at all times <br /> 6 <br /> during the period of this franchise, and said bond shall insure and guarantee <br /> 7 <br /> 8 unto the Grantor the faithful performance by the Grantee of all the terms and <br /> 9 conditions herein and in addition said bond shall indemnify and hold harmless <br /> 10 the Grantor from any and all claims that may arise by the acts of the Grantee <br /> 11 pursuant to and as a result of this franchise. It is understood that the provisions <br /> 12 of this section shall have been complied with by Grantee if it posts a bond in <br /> 13 the amount and upon the conditions as above stated for a period of one year, as <br /> 14 <br /> a minimum, or for a longer period at Grantee's option, provided that said bond <br /> 15 <br /> is renewed for a like period at least thirty (30) days before its effective ex- <br /> 16 <br /> piration date, as it is understood by Grantor and Grantee that no bond conditioned <br /> 17 <br /> 18 as aforesaid is obtainable for the full twenty-five (25) year period of this franchise. <br /> 19 Section 15: Grantee by its acceptance hereof agrees to observe, perform <br /> 20 and keep all of the agreements, undertakings and conditions hereof to be observed, <br /> 21 performed and kept by Grantee. All of the terms, provisions and conditions <br /> 22 hereof shall inure to and be binding upon the respective successors and assigns <br /> 23 <br /> of the Grantor and the Grantee. <br /> 24 <br /> Section 16: There is hereby reserved in this ordinance the rights of the <br /> 25 <br /> City Council and of the people of the City acting for themselves by the initiative <br /> 26 <br /> 27 and referendum, to repeal, amend or modify this ordinance and to cancel, for- <br /> 28 felt and abrogate the franchise granted herein, and to acquire the property of <br /> 29 the Grantee in the public streets, by purchase or condemnation at fair and <br /> 30 just value, for the use of the City itself, all in accord with Section 13.4 of the <br /> 31 Charter of the City of Everett. <br /> 32 <br /> -6- <br />