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<br />changes until such other entity shall have undertaken, with good and sufficient bond, to <br />reimburse the Company for any costs, loss, or expense which will be caused by, or arises out of <br />such change, alteration, or relocation of Company's property or facilities. <br />SECTION 11. TRANSFER AND ASSIGNMENT. The rights granted by this Franchise <br />inure to the benefit of Company and any parent, subsidiary, or affiliate now or hereafter existing. <br />Upon assignment to such parent, subsidiary or affiliate, such parent, subsidiary or affiliate <br />assumes all obligations of Company hereunder and is bound to the same extent as Company <br />hereunder. Company shall give City written notice within ninety (90) days of assignment to a <br />parent, subsidiary or affiliate. In the event Company assigns this Franchise to someone other <br />than a parent, subsidiary or affiliate (Assignee), Company shall give City notice concurrently <br />with notice provided to the Public Utility Commission of the sale or transfer of assets. Any such <br />assignment shall require that said Assignee assume all obligations of Company and is bound to <br />the same extent as Company hereunder. If, within the first ninety (90) days after assignment to <br />someone other than a parent, subsidiary or affiliate, City shall identify a failure to comply with a <br />material provision of this Franchise, City shall have the right to treat such failure to comply as an <br />Uncured Event of Default and immediately implement the provisions of Section 13, including <br />the right to terminate the Franchise. <br />SECTION 12. TERM. <br />The term of this agreement shall be in full force and effect for period beginning with the <br />effective date hereof and ending June 30, 2016. <br /> <br />SECTION 13. DEFAULT. REMEDIES AND TERMINATION. <br />A. Events of Default. The occurrence, at any time during the term of the Franchise <br />Agreement, of anyone or more of the following events, shall constitute an Event of Default by <br />Company under this Franchise Agreement: <br />(1 ) The failure of Company to pay the franchise fee on or before the due dates <br />specified herein. <br />(2) Company's breach or violation of any of terms, covenants, representations <br />or warranties contained herein or Company's failure to perform any material <br />obligation contained herein. <br /> <br />12 <br />