(a) The grantee and its parent corporation shall, within thirty days of the award of a franchise agreement, file, in the office of the Village Clerk, a written acceptance of the franchise agreement executed by the grantee and its parent corporation, in a form approved by the Village Attorney. The parent corporation, by executing and filing the acceptance, guarantees performance by the grantee of all the grantee's obligations under this chapter and agrees to perform such obligations on the grantee's behalf, if so ordered by the grantor, if the grantee, for any reason within his or her control or which is reasonably foreseeable, fails to perform them. The failure of the grantee and its parent corporation to accept the franchise as provided herein shall cause the franchise to become null and void.
(b) Upon the acceptance of the franchise agreement by the grantee and the grantor, and upon subsequent execution of a properly drawn franchise, the franchise shall extend for a period of fifteen years.
(Ord. 593. Passed 7-12-82.)