No later than thirty (30) calendar days following the date of the expiration or termination of a franchise, the County or its assignee shall notify the grantee of its intention to purchase the property identified in the notice mailed pursuant to the provisions of Section 11-1.709 of this article. The purchase price shall be the value as determined by the arbitration panel. The election to purchase shall be evidenced by a written notice so stating mailed to the grantee not later than thirty (30) calendar days following the date of the expiration or termination of the franchise. The failure to mail such notice within the time prescribed in this section shall conclusively be presumed to constitute an election not to purchase the property pursuant to the provisions of this chapter, and the grantee shall not be entitled to any compensation for such property or other costs or proceedings or otherwise. If any notice, memorandum, or report required by Section 11-1.710 or 11-1.711 of this article has not been received by the date of the expiration or termination of the franchise, the notice of election required by this section need not be mailed until thirty (30) calendar days following the date of the receipt of such notice, memorandum, or report. The purchase price shall be deposited into an escrow of a title company named by the County or its assignee. The title company shall be authorized to pay the purchase price as directed by the grantee when it can provide for the County or its assignee grant deeds with respect to real property, bills of sale with respect to personal property, or other evidences of title vesting insured title in the County or its assignee free and clear of all liens and encumbrances, except easements and rights-of-way respecting the real property which do not impair its use for the purposes intended, and assignments of leases, if any, with respect to real or personal property which is leased. The seller or sellers shall pay all title insurance, recording, escrow, and closing fees and costs. (§ 1, Ord. 961, eff. October 27, 1983)