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<br />E. The insurance policy obtained by the GRANTEE in compliance with this <br />Section shall not contain a deductible or self retention limit in excess of $5,000,000. <br />GRANTEE will provide Certificates of Insurance evidencing the above coverages to the <br />Clerk of Council. <br />F. All insurance policies maintained pursuant to this Franchise shall <br />contain the following endorsements. <br />"It is hereby understood and agreed that this insurance policy may <br />not be canceled by the insurer nor the intention not to renew be <br />stated by the surety until (30) thirty days after receipt by the City of <br />North Olmsted, Ohio, by registered mail, of a written notice of such <br />intention to cancel or not to renew." <br />2. The GRANTEE shall name the City of North Olmsted as an <br />additional insured on all insurance policies. <br />SECTION VII: <br />LE77ER OF CREDIT <br />A Within (10) ten days after the execution of this Franchise, the GRANTEE <br />shall deposit with the Clerk of Council, City of North Olmsted, a letter of Credit in the <br />amount of ($25,000.00) twenty-five thousand dollars. The form and content of such <br />letter of Credit shall be first approved by the City which approval shall not be <br />unreasonably withheld. The letter of Credit shall be used to insure the faithful <br />performance by the GRANTEE of all provisions of this franchise Agreement, <br />compliance with all orders, permits and directions of any agency, commission, board, <br />department division or office of the City having jurisdiction over its acts or defaults <br />under this Franchise; and the payment by the GRANTEE of any claims, liens and taxes <br />due the City which arise by reason of construction, operations, or maintenance of the <br />system. <br />B. The Letter of Credit shall be maintained at ($25,000.00) twenty-five <br />thousand dollars during the entire term of this Franchise, even if amounts have to be <br />withdrawn pursuant to Subsection A or C of this Section. If, however, no withdrawals <br />have been required to be made within twenty-four (24) months of the completion of <br />construction, the Letter of Credit requirements of this Section VII shall cease and be of <br />no further effect. <br />C. If the GRANTEE fails to pay the City any compensation within the time <br />fixed herein, or fails after thirty (30) days notice to pay the City any taxes due and <br />unpaid, the independent consultant fee contained in Section V(B)(1), or fails to repay <br />15