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%0 grantee, its successors or assigns, with the consent of the Public Utilities Commission of the State of California, or until all property used and useful in the exercise of said franchise and situated within the territorial limits of the Town of Los Altos Hills shall be transferred to the State of California, or some municipal or public corporation pur- suant to voluntary agreement or the exercise of the power of eminent domain, or until said franchise shall be forfeited for noncompliance with its terms by said grantee. SECTION 5. Said grantee, its successors and assigns, must, commencing with the calendar year 1968 and continuing during the life of said franchise, pay annually to said Town of Los Altos Hills, two per cent (2%) of the gross annual receipts arising from the use, operation or possession of said franchise, payable annually on or before the first day of April of each year with respect to the gross annual receipts for the preceding calendar year, the first payment to be made on or before April 1, 1969, with respect to the gross receipts for the calendar year 1968. In the event that any such payment is not made, said franchise shall be forfeited. SECTION 6. Payment by said grantee of said sums speci- fied in Section 5 hereof shall be in lieu of any business license tax or other similar charge or levy now or hereafter imposed upon said grantee by said Town of Los Altos Hills and said grantee shall have no obligation to pay any such tax, charge or levy referable to the calendar year 1968 or any year thereafter during the life of said franchise. SECTION 7. This ordinance shall take effect and be in force from and after thirty (30) days from its passage and, before the expiration of fifteen (15) days after its passage, 1 00RIO @ FAIHANT -L-