1980 069 Ordinance - Laserfiche WebLink

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M.V. ORDINANCE NO. 80-69 Page -13- franchisee or its subsidiaries or assigns who are the actual operators under this franchise shall be evidenced by a certificate of insurance naming the Village as an additional insured. Each policy shall guarantee a minimum of thirty (30) days advance written notice to the Village before cancellation shall take effect as to the interest of the Village. Copies of such policies of insurance and original certificates thereof shall be deposited and maintained in the office of the Finance Director upon request. SECTION 16. TIMETABLE PERFORMANCE BOND Grantee understands and agrees that its failure to complete construction of the Cable Communications System will result in damages to the Village as to lost franchise fees, extra personnel costs, loss of communications ability and other items all of which are difficult or impossible to fully and accurately define and measure. Grantee, by acceptance of the franchise, agrees with Village that the sum of Fifty Thousand Dollars ($50,000) is a fair and reasonable estimate of such damages and Grantee shall be liable to Village for such amount, as liquidated damages, in the event of failure to comply with the timetable set forth in Section 11. Within thirty (30) days after acceptance of this franchise the Grantee will furnish to Village a bond in the principal amount of Fifty Thousand Dollars ($50,000) guaranteeing payment of the liquidated damages and specifically mentioning this Ordinance and the contract of acceptance of the franchise. Wherever time is mentioned in this Ordinance or in the contract of acceptance, time shall be of the essence of the matter. Village may extend any time limits, without notice to or consent of any surety or guarantor, but shall not be required to grant extensions except in cases of delays occasioned by war, strike, riot or civil commotion, act of God or act of a public authority. The bond required by this Section shall be written by a bonding company licensed to provide such a document by the Department of Insurance of the State of Ohio. The Council shall, upon completion of construction of the initial service area, waive the requirements of the Grantee to maintain said Bond. SECTION 17. TRANSFER OF CONTROL No transfer of control of the cable system shall take place, whether by forced or voluntary sale, lease, mortgage, assignment, encumbrance, or any other form of disposition, without prior notice to and approval by the Village Council, which shall not be unreasonably refused. It shall not be considered unreasonable for Village to require that a successor in interest to Grantee prove by clear and convincing evidence that it has financial strength, operating experience and ability and management capability equal to or better than that of Grantee and, in any event, sufficient to meet the requirements of the franchise.