§ 13. Extension and Renewal.

At least 120 days prior to the expiration of this Franchise, Monmouth Power and Light and the City shall either agree to extend the Term of this Franchise for a mutually acceptable period of time or the parties shall demonstrate good faith efforts towards renegotiation of a replacement Franchise. Monmouth Power and Light shall have the continued right to use the Public Ways of the City as set forth herein in the event an extension or replacement Franchise is not entered into upon expiration of this Franchise, provided both parties are participating in good faith negotiations. Notwithstanding the above, upon 365 days after the expiration of this Franchise, if both parties have failed to reach an agreement regarding the extension of the Term or a replacement Franchise, the City may: 1) grant an extension of time to extend the Term or renegotiate a replacement Franchise; 2) demand that Monmouth Power and Light remove its Electrical Facilities and restore the City rights-of-way to a safe and operable condition comparable in quality and construction to that of the surrounding area; or 3) declare Monmouth Power and Light's Electrical Facilities within the City rights-of-way forfeited and escheated to the City.