In the event of the death of a member of this plan after qualifying for, but before service retirement, an eligible surviving spouse may elect to receive a benefit equal to that provided in Section 2.124.1260 of this chapter in lieu of any continuation allowance which might be payable to such surviving spouse; provided, however, that such election must be made prior to the first payment of any continuation allowance which may be payable to such surviving spouse. If, at the time the member of this plan dies, there is no eligible surviving spouse of such member, then the guardian of the estate of any child of such member who may be eligible for a continuation allowance under this plan may elect to receive a lump sum benefit equal to that provided in Section 2.124.1260 of this chapter in lieu of any other continuation allowance which might be payable to such child; provided, however, that such election must be made prior to the first payment of any continuation allowance which may be payable to such child; provided, further that if there is more than one guardian who may make the election, then all guardians must so elect, and, in the event all guardians do not so elect, then the continuation allowance shall be paid to each child as his or her respective interest appears. If, at the time the member of this plan dies, there is no surviving spouse or child eligible for any continuation allowance under this plan, then, if there is a dependent parent entitled to a continuation allowance under this plan, such dependent parent may elect to receive a lump sum benefit equal to that provided in Section 2.124.1260 of this chapter in lieu of any continuation allowance which might be payable to such dependent parent; provided, however, that such election must be made prior to the first payment of any continuation allowance which may be payable to such parent; provided, further, that if there are two dependent parents who may make the election, in the event both dependent parents do not so elect, then the continuation allowance shall be paid to each parent as his or her respective interest appears. (Prior code § 34.06.632)