The Grantee shall pay to the City a franchise fee equal to five percent (5%) of basic revenues (as defined in Section 112.01 of this chapter) received by the Grantee from the operation of the cable system on an annual basis; provided, however, the Grantee may credit against any such payments: (a) any tax, fee or assessment of any kind imposed by the City or other governmental entity on a cable operator or subscriber, or both, solely because of his or her status as such; (b) any tax, fee or assessment of general applicability which is unduly discriminatory against cable operators or subscribers (including any such tax, fee or assessment imposed, both on utilities and cable operators and their services); and (c) any other special tax, assessment or fee such as a business, occupation and entertainment tax. For the purpose of this section, the 12-month period applicable under the franchise for the computation of the franchise fee shall be the calendar year, unless otherwise agreed to in writing by the City and the Grantee. The franchise fee payment shall be due and payable ninety (90) days after the close of the preceding calendar year. Each payment shall be accompanied by a brief report from a representative of the Grantee showing the basis for the computation. In no event shall the franchise fee payments required to be paid by the Grantee exceed five percent (5%) of the gross revenues received by the Grantee in any 12-month period. 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 Grantee is due. Unless within five years from and after said payment due date the City initiates a lawsuit for recovery of such franchise fee in a court of competent jurisdiction, such recovery shall be barred, and the City shall be stopped from asserting any claims whatsoever against the Grantee relating to any such alleged deficiencies.