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• <br />• <br />• <br />Grantee's intent to terminate the franchise, which notice shall <br />set forth the proposed date of termination. After Grantee gives <br />notice of its intent to terminate the franchise, either the <br />parties shall negotiate a new franchise on terms and conditions <br />mutually acceptable to the parties, or the City may purchase, on <br />the date of termination proposed by Grantee, all, but not less <br />than all, of the real property, utilities plant, meters, <br />regulators and any other property used exclusively by the Grantee <br />in Grantee's gas distribution system in the City and physically <br />located in the City. If, by the proposed date of termination <br />contained in the Grantee's notice of termination, the Grantee and <br />the City have not adopted a mutually acceptable new franchise and <br />the City has not closed on a purchase of Grantee's gas <br />distribution system in the City, unless such failure to close is <br />the result of arbitration or court proceedings arising out of <br />this agreement, Grantee shall have the right to sell its gas <br />distribution system in the City to a third party, which third <br />party shall have the right to operate said gas distribution <br />system pursuant to the terms of this franchise. <br />The terms and conditions of any purchase by the City pursuant to <br />this Section 5.3 shall be as set forth in Section 5.4 hereof. <br />5.4. Terms and Conditions of Purchase. The Grantee and the <br />City shall negotiate all terms and conditions of any purchase by <br />the City of the gas distribution system in the City pursuant to <br />this Section 5 or otherwise. The price to be paid for the <br />property to be acquired pursuant to any purchase of the gas <br />-7- <br />