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37 specified in the Basic License Information. Any surety bond shall be in a form acceptable to the City Attorney and shall name the City as the obligee to guarantee and assure the faithful performance of Licensee’s obligations under this Master License. Licensee agrees that the City may apply the Security Deposit in whole or in part to remedy any damage to the License Area caused by Licensee, its Agents, or Invitees, or any failure of Licensee, its Agents, or Invitees to perform any other terms, covenants, or conditions contained herein (including the payment of License Fees or other sums due under this Master License or any Pole License either before or after a default, or payments to contractors or material suppliers), without waiving any of the City’s other rights and remedies under this Master License or at law or in equity. Licensee waives any rights it may have under section 1950.7 of the California Civil Code or any similar Law and agrees that the City may retain all or any portion of Security Deposit reasonably necessary to compensate the City for any other foreseeable or unforeseeable loss or damage caused by the acts or omissions of Licensee, its Agents, or Invitees. Licensee understands and agrees that the City may apply some or all of the Security Deposit to the payment of future License Fees, Additional Fees, and other amounts payable to the City under this Master License and any Pole License following a Licensee event of default. The City’s obligations with respect to the Security Deposit are solely that of a debtor and not of a trustee. The City is not required to keep the Security Deposit separate from its general funds, and Licensee is not entitled to interest on the Security Deposit. The amount of the Security Deposit in no way limits the liabilities of Licensee under any provision of this Master License or any Pole License. 24.2 Further Deposits. Should the City use any portion of the Security Deposit to cure any default by Licensee under this Master License, Licensee will be required to replenish the Security Deposit in the amount and by the date that the City specifies by notice to Licensee. 25 SURRENDER OF LICENSE AREA 25.1 Surrender. 25.1.1 Obligations Upon Surrender. No later than 60 days after the Expiration Date or other termination of this Master License or any Pole License, Licensee shall at its sole cost and expense peaceably remove its Equipment from applicable portions of the License Area, repair any damage resulting from the removal, and surrender the poles to the City in good order and condition, normal wear and tear excepted, free of debris and hazards, and free and clear of all liens and encumbrances. Licensee shall not remove any fiber-optic cable to which the City will obtain title under Section 7.9 (Fiber-Optic Cables). Licensee’s obligations under this Article will survive the Expiration Date or other termination of this Master License. 25.1.2 Equipment Abandoned After Termination. At its option, the City may deem any items of Licensee’s Equipment that remain in a License Area or other City Property more than 60 days after the Expiration Date of this Master License to be abandoned and in such case the City may dispose of the abandoned Equipment in any lawful manner after expiration of a 60-day period initiated by the City notice to Licensee to remove the Equipment. Licensee agrees that California Civil Code sections 1980 et seq. and similar provisions of the Civil Code addressing abandoned property by residential or commercial tenants do not apply to any abandoned Equipment. 25.2 Holding Over. 25.2.1 With Consent. Any holding over after the Expiration Date with the express consent of the City will be construed to automatically extend the Term of this Master License for a period of one License Year at a License Fee equal to one hundred fifty