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<br />in Section 18 of this franchise ("new franchise"), which new franchise includes (1) a term <br />shorter than thirty (30) years, and (2) an option to purchase Grantee's electric distribution <br />system at the expiration of such term, then Grantor shall have the option to reduce the <br />term of this franchise to such shorter term; provided the term of the new franchise is less <br />than the remaining term of this franchise at the time Grantee provides notice to Grantor <br />that it has entered in to the new franchise. Grantee shall notify Grantor that it has entered <br />in to such a new franchise within sixty days of the effective date of the new franchise. <br />Grantor shall have forty-five (45) days from the date of Grantee's notice to notify <br />Grantee that Grantor is exercising its option to select the shorter term. If Grantor fails to <br />timely notify Grantee, Grantor shall be deemed to have waived its right to elect such <br />shorter term, and such option shall expire and have no further force and effect. If <br />Grantor timely notifies Grantee that Grantor is exercising its option to select the shorter <br />term, Grantee and Grantor shall amend this franchise to reflect such shorter term within <br />thirty (30) days of the date of Grantor's notice to Grantee that Grantor is exercising its <br />option to select the shorter term. <br /> <br />SECTION 7. Indemnification. <br /> <br />(A) Grantor shall in no way be liable or responsible for any accident or <br />damage that may occur in the construction, operation or maintenance by Grantee of its <br />facilities thereunder, and the acceptance of this Franchise by Grantee shall be deemed an <br />agreement on the part of Grantee to indemnify Grantor and hold it harmless against any <br />and all direct damages that Grantor may incur directly resulting from the sole negligence, <br />default, or misconduct of Grantee in the construction, operation, or maintenance of its <br />electric utility facilities thereunder. <br /> <br />(B) Grantee shall maintain throughout the term of this Franchise sufficient <br />financial resources to provide self-insurance insuring Grantor and Grantee with regard to <br />all damages set forth in Section 7(A) in the minimum amounts of: <br /> <br />(i) $1,000,000 for bodily injury or death to a person; <br />$3,000,000 for bodily injury or death resulting from anyone <br />accident. <br />(ii) $50,000 for property damage resulting from anyone accident. <br />(iii) $1,000,000 for all other types ofliability. <br /> <br />(C) Grantor acknowledges that Grantee provides its own liability insurance <br />(self-insured). On an annual basis, Grantee must submit its annual audited financial <br />report as documentation that clearly demonstrates that it has accumulated sufficient <br />financial resources in order to provide insurance coverage as indicated in Section 7(B) <br />above. <br /> <br />SECTION 8. Grantor Ril!hts in Franchise. <br /> <br />The right is hereby reserved to Grantor to adopt such additional regulations as it <br /> <br />5 <br />