Upon the termination or revocation of a franchise granted, a Village shall have the option, to be exercised within ten days thereof, of accepting ownership of the System's facilities by paying to a Company the fair market value of the System, as determined from appraisals by appraisers approved by the parties, or the option to require the sale of such assets to a succeeding company on said terms.
Upon notice from the Village that it is not exercising either of the aforesaid options a Company shall, at its own expense, remove all designated portions of the System from all streets and public property within the Village, and shall repair and restore the surface of all streets and public property within the Village to the original condition, within a reasonable period of time specified by the Village.