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(a) The Authority shall provide, or cause to be provided, a bond, in a form and by a surety authorized to do business in the Commonwealth of Virginia, in the amount of Fifty Thousand Dollars ($50,000.00) securing its faithful performance of the terms and conditions of this Agreement ( "Performance Bond "). The Authority shall maintain such Performance Bond for the duration of this Franchise Agreement, unless otherwise agreed to in writing by the City. (b) The Performance Bond shall guarantee the Authority's faithful performance of the terms and conditions of this Agreement, including, but not limited to: (1) the timely completion of construction; (2) compliance with applicable plans, permits, technical codes and standards; (3) proper location of the facilities as specified by the City; (4) restoration of the public way and other property affected by the construction as required by this Agreement; (5) the submission of "as- built" drawings after completion of the work as required by this Agreement; (6) timely payment and satisfaction of all claims, demands or liens for labor, material, or services provided in connection with the work; and (7) the payment by the Authority of all lawful liens, taxes, damages, claims, costs or expenses by the Authority under this Agreement and all other payments due to the City from the Authority pursuant to this Agreement. (c) Whenever the City determines that Authority has violated one (1) or more terms, conditions or provisions of this Agreement for which relief is available against the Performance Bond, a written notice shall be given to the Authority. The written notice shall describe in reasonable detail the violation so as to afford the Authority an opportunity to remedy the violation. The Authority shall have twenty (20) days subsequent to receipt of the notice in which to correct the violation before the City may make demand upon the Performance Bond. (d) Such Performance Bond shall be in addition to any performance or defect bond or other surety required by the City in connection with the issuance of any construction permit issued pursuant to Chapter 32 of the City Code or any other local ordinance. Section 9. Transfer of ownership. Notwithstanding any provision of this Agreement, the Authority may not assign, transfer, lease or sell any of the rights and privileges granted hereunder without the approval of the City Manager, which approval shall not be unreasonably withheld, conditioned or delayed; provided, however, that no consent need be obtained to assign, transfer, lease or sell any rights and privileges granted hereunder to any of Authority's affiliates or any party providing financing to Authority, provided that no assignment, transfer, lease or sale shall be effective until the assignee, transferee, lessee, or the purchaser, including an affiliate, has filed with the City of Portsmouth a duly executed instrument reciting the fact of such assignment, transfer, lease or sale and accepting the terms of the Agreement and agreeing to perform all of the conditions thereof. 14