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0 ARTICLE VII <br />SECTION 701 GENERAL REQUIREMENT OF A PERFORMANCE <br />BOND <br />Prior to the Effective Date of this Ordinance, the Company has deposited with the City a <br />Performance Bond made payable to the city in the amount of Twenty Five Thousand <br />dollars ($25,000.00). The bond shall be written by a corporate surety acceptable to the <br />City and authorized to do business in the Commonwealth of Virginia. The Performance <br />Bond shall be maintained at this amount through the term of this franchise. <br />SECTION 702 CHANGED AMOUNT OF THE PERFORMANCE BOND <br />At any time during the Term, the City may, acting reasonably, require or permit the <br />Company to change the amount of the Performance Bond if the City finds that new risk <br />or other factors exist that reasonably necessitate or justify a change in the amount of the <br />Performance Bond. Such new factors may include, but not be limited to, such matters as: <br />(a) material changes in the net worth of the Company; <br />(b) changes in the identity of the Company that would require the prior <br />written consent of the City; <br />(c) material changes in the amount and location of Facilities owned by the <br />Company; <br />(d) the Company's recent record of compliance with the terms and conditions <br />of this Ordinance; and <br />(e) material changes in the amount and nature of construction or other <br />activities to be performed by the Company pursuant to this Ordinance. <br />SECTION 703 PURPOSE OF PERFORMANCE BOND <br />The Performance Bond shall serve as security for: <br />(a) the faithful performance by the Company of all terms, conditions <br />and obligations of this Ordinance; <br />(b) any expenditure, damage or loss incurred by the City occasioned <br />by the Company's failure to comply with all rules, regulations, <br />orders, permits and other directives of the City issued pursuant to <br />this Ordinance; <br />0 (c) payment of compensation required by this Ordinance; <br />12 <br />