A. Payment: Grantee shall pay to the franchise authority a franchise fee equal to five percent (5%) of the quarterly gross revenue received by grantee from operating the cable system on a quarterly basis. The franchise fee shall be due and payable forty five (45) days after close of quarter. Each payment shall be accompanied by a report from a representative of grantee showing the basis for the computation.
B. Limitation On Franchise Fee Actions: The period of limitation for recovery of any franchise fee payable hereunder shall be five (5) years from the date on which payment by the company is due. Unless, within five (5) years from and after said payment due date, the franchise authority initiates a lawsuit for recovery of such franchise fees in the court of competent jurisdiction, such recovery shall be barred and the franchise authority shall be estopped from asserting any claims whatsoever against the company relating to any such alleged deficiencies. No acceptance of any payment or partial payment by the franchise authority shall be construed as a release or as an accord and satisfaction of any claim the franchising authority may have for further or additional sums payable under this franchise agreement for the performance of any obligation hereunder, within the said five (5) year limitation. (Ord. 94-4, 8-1-1994)
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