Ordinance No. 18489 - Laserfiche WebLink

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IS~t89 by reason of any act or neglect of the Company, its agents or employees, or which may in any manner arise out of the construction, maintenance, operation or use of any property of the Company in any public way or place. Section 9 . Default and Termination . If the Company fails to comply with or perform any of the requirements imposed on it by this Qrdinance and the City gives written notice specifying the nature of the Company's default and demanding that such default be remedied within a reasonable time to be fixed in such notice, the right and privilege granted by this ordinance may be terminated and annuled by the City if Company fails to remedy its default within the time specified. Section l4. Franchise Fee. As payment to the City for the franchise hereby granted, Company shall pay to City an amount equivalent to three percent ~ 3 a } of Company's gross revenues from the sale of gas within the corporate limits of the City during each calendar year, ar fraction thereof, during which this franchise shall be in effect. The term "gross revenue" shall mean all revenues derived from the sale of such gas, but excluding revenues derived from the sale of such gas under a tariff schedule applying exclusively to gas supplied for industrial purposes, Payment shall be made within sixty ~6D} days after the close of each calendar year or fraction thereof; provided, however, that upon thirty day's prior written notice by either party to the other, the amount of the annual compensation shah be subject to renegotiation and redetermination at the end of the first l4-year period of the term of the franchise hereby granted, for the remaining 1Q-year period of the franchise term. -4-