A. The grantee shall, concurrently with the filing of its acceptance of this franchise, file with the City Clerk, and at all times thereafter maintain in full force and effect for the term of this franchise, or any renewal thereof, at the grantee's sole expense, a corporate surety bond in a company and in a form approved by the City Attorney, in the amount of one hundred thousand dollars, and conditioned upon the faithful performance of the obligations imposed upon the grantee by this franchise and upon the further condition that in the event grantee fails to comply with any of the provisions of this franchise, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the City as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the grantee as prescribed hereby, which may be in default, plus a reasonable allowance for attorney's fees and costs, up to the full amount of the bond; said conditions to be continuing obligations for the duration of this franchise and any renewal thereof and thereafter until the grantee has liquidated all of its obligations with the City that may have arisen from the acceptance of this franchise or renewal by the grantee or from its exercise of any privilege herein granted. The bond shall provide that thirty days' prior written notice of any intention to cancel or to make any material change, or not to renew, be given to the City.
B. Neither the provisions of this section, nor any bond accepted by the City pursuant hereto, nor any damages recovered by the City thereunder shall be construed to excuse said faithful performance by the grantee or limit the liability of the grantee under this franchise or for damages, either to the full amount of the bond or otherwise. (Ord. 2326 § 1 (part), 1980).