Within 30 days after a grant herein, franchisee shall submit to the office of the city attorney, which shall be filed with the city finance department and maintained at all times in full force and effect, a performance bond running to the city, with good and sufficient surety licensed to do business in the state of Washington and approved by the office of the city attorney in an amount reasonably determined by the office of the city attorney, conditioned that such person shall well and truly observe, fulfill, and perform each term and condition of its franchise. This bond shall be conditioned that in the event such person shall fail to comply with any one or more of the provisions of its franchise, then there shall be recoverable jointly and severally from the principal and surety of such bond, any damages suffered by the city as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of property as prescribed; said condition to be a continuing obligation for the duration of its franchise and thereafter until such person has liquidated all of its obligations with the city that may have arisen from the acceptance of a franchise or from such person’s exercise of any privilege herein granted. [Ord. 2018-09-015 § 1].