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The rights and privileges above set forth are granted for the term of ten years from the final passage of the ordinance codified herein, the term to be renewed, without further agreement for successive ten-year periods, unless Carolina Power and Light Company, its successors, lessees or assigns, or the Village Council give written notice not less than 12 months prior to the expiration of any ten-year term of the intention to cancel or rescind the rights and privileges upon expiration of the term. Provided, however, that the maximum term hereof may not exceed an aggregate of 60 years from final passage hereof. The rights herein granted to Carolina Power and Light Company are in addition to and not in substitution of any rights Carolina Power and Light Company now has or would have in the absence of this grant, if any.
(1986 Code, § 13-1.4) (Ord. passed 09-21-1981)