CATV - CABLE TELEVISION (16)
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VANGUARD INSURANCE CO}~Al~
POLICY NO. HI 16128
BOND NO. 1
CONSTRUCTION PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
THA T VISION CABLE OF PINELLAS, INC., a Florida corporation, and
VISION CABLE COMMUNICATIONS, INC., a Delaware corporation, as
Principals, and THE VAi~GUARD INSURANCE COMPANY, of
Dallas, Texas- as Surety, are held and firmly bound unto the City of
Clearwater, Florida, as Obligee, in the sum of $1,000,000.00, lawful money of
the United States, for which payment, well and truly to be made, we bind
ourselves, jointly and severally, firmly by these presents.
This Bond is executed to comply with the terms of Article I, Section 17
of Ordinance No. 2084, dated February 21, 1980, of the City of Clearwater,
Florida, which ordinance grants a franchise to Vision Cable of Pinellas, Inc.,
to use the public easements within the City to transmit and distribute
electrical impulses through an antenna system for television receivers located
within said City of Clearwater, Florida.
Vision Cable of Pinellas, Inc., a Florida corporation, and Vision Cable
Communications, Inc. , a Delaware corporation, as Principals, and the
Vanguard _ Insurance Company, as Surety, guarantee faithfully to
perform, well and truly to observe and fulfill the provision of Ordinance No.
2084, contained in Article I, Section 17 thereof relating to the satisfactory
completion and full activation of the CATV system on or before February 21,
1982.
The City of Clearwater, as Obligee under this bond, shall have the right
to recover jointly and severally from Principals and Surety that amount of
this bond necessary satisfactorily to complete and fully activate the CATV
system throughout the franchise area if Principals fail to:
1. Begin construction as provided in Exhibit A to Ordinance No. 2084;
or
2. Diligently pursue the construction schedule set forth in such
Exhibit A and make continuous progress toward completion; or
3. Complete system construction on or before February 21, 1982.
Nothing herein contained shall in any way limit or enlarge the liability,
if any, of Vision Cable of Pinellas, Inc., a Florida corporation, or Vision
Cable Communications, Inc., a Delaware corporation, as a consequence of any
such breach, from the liability, if any, otherwise imposed upon them by
Ordinances Nos. 2084, 2085 and 2086 of the City of Clearwater, Florida, and
the Memorandum of Agreement referred to therein. The sole remedy of the
City against the Surety shall be the payment of money damages.
It is hereby understood and agreed that this Bond may not be canceled
by the Surety nor the intention not to renew be stated by the Surety until
thirty (30) days after receipt by the City, by registered mail, of a written
notice of such intent to cancel or not to renew. Any such termination or
cancellation shall not affect any liability incurred or accrued under this Bond
prior to the effective date of such termination or cancellation.
Signed, sealed and dated this ~ day of March, 1980.
Witnesses:
VISION CABLE OF PINELLAS, INC.
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PRI}JCIPAL
VANGUARD~I~NCE COBPANY
BY' craYenS_1'Dargan..~., ., Special Risks
P. ~)' Box 16~rston, Texas 77001
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/Elili'Or Vice President