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<br />I <br /> <br />I <br /> <br />I <br /> <br />(2) Gross Revenue. An annual summary report certified by <br />the Company showing gross revenues received by the Company during <br />the preceding year. <br /> <br />(3) Statement of Operatin~ Expense. A Certified report of <br />all annual operating expenses, annual plant additions, and total <br />plant investment, and any other information related to the <br />Company's service. <br /> <br />(4) <br />(5) <br />shall be <br /> <br />Insurance Policy. As prescribed in Section 7. <br /> <br />A Current List of Principal Stockholders. This list <br />kept current by the Company. <br /> <br />15. <br /> <br />Performance <br /> <br />Upon execution hereof, Company shall furnish City with a <br />One Thousand Dollar ($1,000.00) cashier's check made payable to <br />City, which said sum will be held by City for a period of one year <br />from the date the last FCC approval of Company's plans under this <br />grant has been given. At such time, said sum of $1,000.00 shall <br />be forfeited to City if Company has not, by that time, begun <br />installation of the system and distribution of television signals <br />as prescribed herein; however, if upon the lapse of such period <br />of one year, Company has begun installation of the system and <br />distribution of television signals as prescribed herein, then in <br />such case, said sum of $1,000.00 shall be returned to Company. <br />It is also agreed that Article XI of the Charter of the City of <br />San Marcos as now exists or may be amended is in full force and <br />effect. <br /> <br />16. <br /> <br />Duration of Grant <br /> <br />The authority and rights herein granted shall be in full <br />force immediately upon the arrival of the effective date of this <br />~rant, as hereinafter shown, and shall continue in force and effect <br />for a term of fifteen (15) years after the effective date hereof. <br />Provided, however, this grant shall automatically terminate if <br />Company has not begun installation of the system and the distri- <br />bution of television signals as prescribed herein within twelve <br />(12) months from the date of the final approval of the franchise <br />by the City Council. The authority may likewise be terminated <br />by City unless diligence is exercised in expanding the system <br />after initial commencement, or 'if Company should fail or cease to <br />furnish the hereindescribed services. If Company should fail to <br />comply with any provisions of this grant or default in any of its <br />obligations hereunder and shall fail within thirty (30) days <br />after written notice from City to correct such fault, non-compliance <br />or breach, City may, at its option, forthwith terminate in whole <br />or in part, Company's rights hereunder, and require Company to <br />remove all of Company's equipment installed anywhere in City. If <br />Company should fail to remove any of said equipment, City shall <br />have the right to remove it at the cost and expense of Company. <br /> <br />If the Company, at any time, offers the cable television <br />signal distribution system for sale, and receives a bona fide <br />and acceptable offer for the purchase of the system, the Company <br />shall advise the City of the offer. The City shall then have <br />ninety (90) days from the date of such notification to the City <br />in which to make an identical offer to the Company. If the City <br />does not so notify the Company in writing within the ninety (90) <br />day period of its offer to purchase the system on the same terms <br />and conditions set out in the offer acceptable to the Company <br />made by a third party, then and in such event the Company may <br />proceed to sell the system to the party making such offer. <br />