647-96 Grant Florida Power Franchise

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OR BK 3638 . pG 355` • 3 of, 8 (D) Non-Compete. As a further consideration of this franchise, the Grantor agrees not to engage in the business of generating,transmitting or distributing and selling electricity during the term of this franchise or any extension thereof in competition with the Grantee. SECTION 5: Term of Franchise. (A)Except as otherwise provided herein, the Franchise and rights herein granted shall take effect and be in force from and after the final passage hereof, as required by law and upon the filing of an acceptance by Grantee of all the terms thereof with the Grantor and shall continue in force and effect for a term of thirty(30)years after the effective date of this Franchise ordinance. (B) However, if in the event the appropriate governmental authorities authorize Retail Wheeling, then, either party, if Adversely Affected thereby, may reopen this ordinance upon thirty (30) days written notice to the other for the sole purpose of addressing franchise fee payments between Grantee and Grantor. If the parties are unable to agree within ninety (90) days of reopening, either party may declare an impasse and may file an action in the Circuit Court in Dade City, Pasco County, Florida for declaratory relief as to the proper franchise fee in light of Retail Wheeling. (C) Each party shall bear its own costs in such a proceeding. During the pendency of any negotiations pursuant to the reopener or any declaratory action arising therefrom the current franchise payment as set forth in Section 6 shall continue to apply. Provided, however, if as a result of such negotiations or any declaratory action arising therefrom, a different franchise payment is determined, that new franchise payment shall apply retroactively to the first full month following the date this ordinance is reopened and the parties shall balance their accounts accordingly. (D) In all events, Grantor shall not grant more favorable treatment to providers of Retail Wheeling than is granted to Grantee under this ordinance, it being the intent of the parties that no future provider of electric service, be it generation, transmission or distribution service, to customers within the corporate limits of Grantor shall be given a competitive advantage over Grantee. SECTION 6: Payment to Grantor. (A) Effective the first day of the second month beginning after the effective date of this ordinance, Grantor shall be entitled to receive from Grantee a monthly franchise amount which will equal six percent (6%) of Grantee's Base Revenues for the preceding month which amount shall be the total compensation due Grantor for the rights, authority and privileges granted by this Franchise. (B)Payment shall be made to the Grantor for each month no later than the twentieth(20th) day of the following month. The monthly payment may be made by wire transfer. Any monthly payment or any portion thereof received twenty (20) days after the due date shall be subject to interest at the rate of 10% percent per annum until all payments are paid in full. SECTION 7: Favored Nations. (A)In the event Grantee shall hereafter accept an electric utility franchise ordinance from any municipality providing for the payment of a franchise fee in excess of the amount provided for per Section 6 above,the Grantee shall immediately notify the Grantor and the Grantor reserves the right to amend this Franchise to require the Grantee to pay the Grantor such additional franchise fees. The Grantee's failure to notify Grantor of such additional payments does not limit Grantor's rights to such