Common use of Franchise Term Clause in Contracts

Franchise Term. This Franchise is and shall remain in full force and effect for a period of fifteen (15) years from and after the effective date of the Ordinance; provided, however, PSE shall have no rights under this Franchise nor shall PSE be bound by the terms and conditions of this Franchise unless PSE shall, within sixty (60) days after the effective date of the Ordinance, file with the City its written acceptance of the Ordinance in the form attached to this Franchise. The City Clerk is hereby authorized and directed to forward a certified copy of this Ordinance to PSE to unconditionally accept in writing the terms of this Franchise and file such acceptance with the City Clerk. If requested in writing by PSE and upon agreement of the Parties, the term of this Franchise may be extended for up to two five (5) year periods.