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. . 12. GRANTEE'S NON-COMPLIANCE AND LIQUIDATED DAMAGES If the CITY determines that there are deficiencies in the GRANTEE'S performance under this Agreement, the CITY will provide written notice to the GRANTEE as specified below under "Events of Default", to correct said deficiencies within specified time frames. In the event that the GRANTEE fails to correct the deficiencies within the prescribed time frames the CITY may, at its option; (I) use the Security Deposit as provided for herein, (2) exercise its rights under "Right of Remedy/Entry," and/or; (3) assess liquidated damages. It may be impracticable or extremely difficult to fix the extent of actual damages resulting from the failure of the GRANTEE to comply with GRANTEE'S obligations. Under the current circumstances, a reasonable estimate of such damage is five hundred dollars ($500) per day for each day of the period of time that the deficiencies exist, and that the GRANTEE shall be liable to the CITY for liquidated damages in said amount. 13. METHOD OF PAYMENTS Within ten (10) days of this Agreement being executed by both parties, GRANTEE shall pay the initial capital fee payment set forth in section 3 of this Agreement, less any amounts owing or paid pursuant to interim bus shelter agreements between the CITY and GRANTEE covering the period from July I, 2000 until the effective date of this Agreement. Thereafter, GRANTEE shall pay annually, in advance, on July I, the contract amount for that year. Late payments will be subject to a ten percent (10%) penalty for each fifteen (IS) days that payment is late. 14. SURRENDER Upon expiration or termination of the term hereof, at the option of the City, all bus shelters and bus benches shall become the property of the City of Santa Ana and shall be surrendered to the CITY in a reasonably good condition, subject to the City of Santa Ana's right to demand removal of the shelters and restoration of the respective public improvements to their proper and original condition at GRANTEE'S own cost and expense. The City may choose to take ownership of some or all of the shelters and/or benches. The GRANTEE shall timely remove those not being acquired by the CITY. IS. ACCESS TO RECORDS Grantee shall make its records, documents, books, reports, billing and methods of accounting related to this Agreement available to the CITY's designated representative during normal business hours to allow such person to review, verify and audit said records. Said records shall be available during the term of this Agreement and thereafter 7