1997 045 Ordinance - Laserfiche WebLink

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(2) Permittee shall also deposit with the Village a surety bond or letter of credit in the amount of fifty thousand dollars ($50,000) in a form reasonably acceptable to the Law Director of the Village (hereinafter referred to as the "Performance Bond"). The Performance Bond shall be available to insure the faithful performance by Permittee of provisions of the Permit, other than with respect to construction upgrading, of rebuilding projects covered herein, but including the obligation to remove the Telecommunications and/or other Utility System upon revocation of termination of the Permit as set forth herein. The Performance Bond shall be maintained at $50,000 during the entire term of the Permit, regardless of withdrawals which maybe made under this Section. In the event of a default by Permittee in any of its obligations under this Permit, other than completion of construction, which default is not cured within thirty (30) days after Notice by the Village to Permittee of such default (or such longer time as is necessary to cure, so long as Permittee commences to cure within thirty (30) days and diligently pursues cure), the Village may levy on the Performance Bond upon notifying Permittee of the amount of such charge. The rights reserved to the Village with respect to the Performance Bond are in addition to all other rights of the Village, at law or in equity. Section 7. REMOVAL OF FACILITIES. 7.1 Removal of Facilities Upon revocation of this Permit, and no proposed assignee requests and receives the Village's approval of a transfer of the Permittee's Telecommunications and/or other Utility System, and an. assignment of this Permit or grant of a new Permit, within a reasonable period of time but in no event more than ninety (90) days after such termination, then the Permittee shall remove said Telecommunications and/or other Utilities Facilities at the Permittee's expense. As an alternative to removal the Permittee may, subject to the Village's approval, abandon its Facilities in place and transfer ownership of the installed Telecommunications and/or other Utilities Facilities to the Village. Nothing herein shall cause the Village to incur any costs related to the removal of the Permittee's Facilities or the transfer of ownership of said Facilities to the Village. Section 8. ASSIGNMENT OF PERMIT AND LEASE OF FACILITIES. 8.1 Village's Consent Required for Assignment The Permittee shall not assign this Permit or any rights or obligations accorded the Permittee hereunder to any party without the prior written consent of the Village which shall not be unreasonably withheld. Further, the Permittee agrees not to assign any billing or collection functions under this Permit to a subsidiary or parent without prior notice to and written consent of the Village, which shall not be unreasonably withheld. Should the Permittee attempt to assign this Permit or its rights hereunder without the prior consent of the Village, this Permit shall be subject to forfeiture or termination as provided herein, unless such assignment is ratified by the Village for any and all costs 26