At the expiration of the term for which this franchise is granted, or upon revocation of the franchise, the city, at its election, and upon payment of an amount agreed upon between the parties or in the absence of agreement an amount determined by arbitration pursuant to Idaho Code title 7, chapter 9, shall have the right to purchase and take over the property of the franchisee to that effect, the franchisee shall immediately execute such deeds or instruments of conveyance to the city as shall be required to convey to the city title to the property, free from any and all liens and encumbrances. The franchisee shall make it a condition of each contract entered into by it with reference to operations under this franchise that the contract shall be subject to the exercise of this option by the city and that the city shall have the right to succeed to all privileges and the obligations thereof at its option. (Ord. 468, 6-10-2003)