(a) Performance bond. Upon the of this and at all times thereafter grantee shall maintain with a bond in the sum of $100,000 in such form and with such sureties as shall be acceptable to , conditioned upon the faithful performance by grantee of this and the acceptance hereof given by and upon the further condition that in the event grantee shall fail to comply with any law, ordinance or regulation, there shall be recoverable jointly and severally from the principal and surety of the bond, any damages or losses suffered by as a result, including the full amount of any compensation, indemnification or cost of removal of any property of grantee, including a reasonable allowance for attorneys' fees and costs (with interest at 2% in excess of the then prime rate), up to the full amount of the bond, and which bond shall further guarantee payment by grantee of all claims and liens against or any, public property, and taxes due to , which arise by reason of the construction, operation, maintenance or use of the .
(b) Rights. The rights reserved by with respect to the bond are in addition to all other rights the may have under this or any other law.
(c) Reduction of bond amount. may, in its sole discretion, reduce the amount of the bond.
(Ord. 2015-7, passed 1-26-2015)