2025 Ordinances - Laserfiche WebLink

Home Browse Search

dollars ($20,000.00). The Letter of Credit shall be issued from a federally insured lending institution licensed to do business in Virginia ("Lending Institution"). The Letter of Credit shall be the sole collateral provided by the Franchisee to the LFA with respect to this Agreement, and shall be used to ensure Franchisee's substantial compliance with the material terms and conditions of this Agreement. 12.5.1. Franchisee shall file with the LFA a complete copy of the Letter of Credit (including all terms and conditions applying to the Letter of Credit or to draws upon it) within sixty (60) days of its effective date, and shall keep such copy current with respect to any changes over the term of the Agreement. 12.5.2. If the LFA notifies the Franchisee of any amounts lawfully due to the LFA pursuant to the terms of this Agreement and the Franchisee does not make such payment within thirty (30) days, the LFA may draw upon the Letter of Credit by presentation of a draft at sight drawn on the Lending Institution, accompanied by a written certificate signed by the City Manager certifying that Franchisee has failed to comply with this Agreement and citing the specific provision of the Agreement at issue and the specific basis for the amount being withdrawn. 12.5.3. In the event the Lending Institution serves notice to the LFA that it elects not to renew the Letter of Credit, the LFA may withdraw the entire amount of the Letter of Credit unless the Franchisee provides, before the effective Letter of Credit expires, a substitute Letter of Credit from a Lending Institution in substantially the same form as that attached hereto as Exhibit C. 12.5.4. No later than thirty (30) days after receipt by the Franchisee of notification by certified mail, return receipt requested of a withdrawal under the Letter of Credit, the Franchisee shall restore the amount of the Letter of Credit to the applicable amount as set forth in this Section 12.5. 12.5.5. No recovery by the LFA of any sum by reason of the Letter of Credit required in this Section 12.5 shall be any limitation upon the liability of Franchisee to the LFA under the terms of this Agreement, except that any sums so received by the LFA shall be deducted from any recovery which the LFA shall otherwise establish against Franchisee for the same violation or violations under the terms of this Agreement. 12.6. Revocation: Should the LFA seek to revoke this Franchise after following the procedures set forth above in this Article, including the public hearing described in Section 13.3., the LFA shall give written notice to Franchisee of such intent. The notice shall set forth the specific nature of the noncompliance. The Franchisee shall have ninety (90) days from receipt of such notice to object in writing and to state its reasons for such objection. In the event the LFA has not received a satisfactory response from Franchisee, it may then seek termination of the Franchise at a second public hearing. The LFA shall cause to be served upon the Franchisee, at least thirty (30) business days prior to such public hearing, a written notice specifying the time and place of such hearing and stating its intent to revoke the Franchise.