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• <br />(a) Seven percent (7%) of the Grantee's gross revenues from <br />the sale of gas within the City, other than sales of <br />gas to customers who received interruptible gas <br />service; and <br />(b) Three percent (3%) of the Grantee's gross revenues from <br />the sale of gas with the City to customers who received <br />interruptible gas service. <br />The franchise fee to be paid pursuant to this Section shall be <br />paid based on the gross gas sales to the Grantee's customers in <br />the City from January 1 through December 31 of the applicable <br />calendar year, as audited, net of the audit year bad debt expense <br />and the audit year bad debt recoveries. The franchise fee shall <br />be paid annually, commencing in 1988 for sales commencing on <br />January 1, 1987, on or before May 15, such fee to be based on <br />gross gas sales during the prior calendar year, as audited, net <br />of the audit year bad debt expense and the audit year bad debt <br />recoveries. In the event of termination or expiration of the <br />franchise for any reason, the Grantee shall pay the applicable <br />franchise fee within four and one-half months after termination <br />or expiration of this franchise. <br />Section 5: Purchase by City; Termination of Franchise. <br />5.1. Option to Purchase. Commencing on January 1, 1992 the <br />City shall have the option to purchase all, but not less than <br />all, of the real property, utility plant, meters, regulators and <br />any other property used exclusively by the Grantee in Grantee's <br />gas distribution system in the City and physically located in <br />the City. The City's option shall be exercised by the City <br />giving the Grantee written notice of its intent to purchase the <br />Grantee's gas distribution system in the City of at least 18 <br />-5- <br />