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• <br />• months prior to the proposed date of the purchase. The notice <br />shall set forth the proposed date of the purchase. This option <br />shall expire on September 30, 2010, if the Grantee has not <br />received written notice of the City's intent to purchase on or <br />before that date. The terms and conditions of any purchase <br />pursuant to this Section 5.1 shall be as set forth in Section 5.4 <br />hereof. <br />5.2. Purchase Upon Revocation. Upon the revocation of this <br />franchise for any reason whatsoever, including default by the <br />Grantee, the City may purchase, within 180 days after the <br />effective date of the revocation, all, but not less than all, of <br />the real property, utility plant, meters, regulators and any <br />other property used exclusively by the Grantee in Grantee's gas <br />• distribution system in the City and physically located in the <br />City. This option shall expire 180 days .after such revocation if <br />the Granteehas not received written notice of the City's intent <br />to purchase on or before that time. The Grantee shall continue <br />to operate the system under the applicable terms and provisions <br />of this franchise until the City closes on the purchase of the <br />system pursuant to this Section 5.2. The terms and conditions of <br />any purchase pursuant to this Section 5.2 shall be as set forth <br />in Section 5.4 hereof. <br />5.3. Option to Terminate. Commencing on January 1, 1992, <br />the Grantee shall have the option to terminate this franchise. <br />The Grantee's option to terminate the franchise shall be <br />exercised by the Grantee giving the City, at least 18 months <br />prior to the proposed date of termination, written notice of <br />• <br />-6- <br />