(A) PNM to accept. PNM shall, within 30 days after the passage and approval of Ord. 2020-015, file in the office of the City Clerk, City of Albuquerque, a written statement of acceptance duly signed and acknowledged by the proper officer of PNM authorized to execute such acceptance.
(B) Failure to accept. In the event PNM does not file such acceptance within said period, §§ 13-4-2-1 et seq. and the rights, privileges and franchise granted hereunder shall be terminated and void; provided, that the city may by resolution extend the time herein for the filing of such acceptance for an additional period.
(C) Supersedes prior franchise. Ord. 2020-015, if accepted by PNM as hereinbefore provided, shall supersede, cancel and be in lieu of any and all other existing or prior grants of rights, permission, and authority to PNM or any predecessor companies or assignors of PNM to construct, operate, and maintain any system for the production, transmission, distribution, and sale of electricity within the city.