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SECTION 604 NEGLIGENCE AND INTENTIONAL ACTS • Nothing herein contained shall be construed to render the Company liable for or obligated to indemnify the City, its agents, or employees, for the negligence or intentional acts of the City, its Council members, its Board, its agents or employees, or a permittee of the City. ARTICLE VII SECTION 701 GENERAL REQUIREMENT OF A PERFORMANCE BOND Prior to the Effective Date of this Ordinance, the Company has deposited with the City a Performance Bond made payable to the city in the amount of one hundred thousand dollars ($100,000). The Performance Bond is to guarantee that the project is done in a proper manner without damage to the PROW. The bond shall be written by a corporate surety acceptable to the City and authorized to do business in the Commonwealth of Virginia. Upon completion of construction of the Facilities, the Company may reduce the Performance Bond to the amount of twenty-five thousand dollars ($25,000) and made payable to the City, and the Performance Bond shall be maintained at this amount through the term of this Agreement. SECTION 702 CHANGED AMOUNT OF THE PERFORMANCE BOND • At any time during the Term, the City may, acting reasonably, require or permit the Company to change the amount of the Performance Bond if the City finds that new risk or other factors exist that reasonably necessitate or justify a change in the amount of the Performance Bond. Such new factors may include, but not be limited to, such matters as: • (a) material changes in the net worth of the Company; (b) changes in the identity of the Company that would require the prior written consent of the City; (c) material changes in the amount and location of Facilities owned by the Company; (d) the Company's recent record of compliance with the terms and conditions of this Ordinance; and (e) material changes in the amount and nature of construction or other activities to be performed by the Company pursuant to this Ordinance. Page I1