In the event the grantee shall fail to comply with any of the material terms and conditions of the franchise within 120 days after receipt of notice in writing from the city specifying the failure or default, the city may, at its option, terminate the franchise by giving written notice thereof to the grantee. In the event that the grantor desires to elect to revoke the franchise, it must notify the grantee of the same at least 30 days prior to the last day of the 120-day period to cure breach. Should the grantee dispute that a material breach has occurred, the grantee may request the grantor to hold a hearing pursuant to § 9.1 of this chapter, and the time shall toll until said hearing is held and a final determination is made regarding whether a material breach has in fact incurred. Said hearing shall be held within 20 days of the grantee’s request therefor.