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<br />e <br /> <br />e <br /> <br />Section 23. RENEW AL. Grantee and the City agree that franchise renewal proceedings <br />shall be governed by the Cable Act (47 V.S.C. ~ 546) or other law applicable at the time of <br />renewal. <br />Section 24. VALUATION. This Franchise is granted subject to the lawful provisions of <br />Article VIT, Section 7.01, of the City Charter, which provisions are made a part hereof and <br />incorporated herein by reference. If the City should elect to exercise its rights to eminent domain <br />under such Charter provisions, payment of a fair valuation, which shall be the then current fair <br />market value, or such payment as required by the Cable Act, if applicable, shall be required. <br />Should the parties fail to agree upon the then current fair market value, the same shall be <br />determined in an appropriate proceeding filed in any court having jurisdiction. <br />Section 25. MATERIAL BREACH OF FRANCHISE. In addition to all rights and <br />powers of the City by virtue of this Franchise or otherwise, the City reserves as an additional and as <br />a separate and distinct power the right to take any of the actions described in Section 26 in <br />accordance with the procedures specified therein if any of the following events occur or for any of <br />the following reasons: <br /> <br />1. the Grantee, by act or omission, violates any material ~erm, condition, or provision <br /> <br />of this Franchise; <br />2. the Grantee knowingly or willingly attempts to evade any material provision of this <br />Franchise; <br />3. the occurrence of any event which may reasonably lead to the foreclosure or other <br /> <br /> <br />similar judicial or nonjudicial sale of all or any material part of the Cable System; <br /> <br /> <br />4. in the event that the Grantee suspends or discontinues its business, makes an <br /> <br /> <br />assignment for the benefit of creditors, fails to pay its debts generally as they become due, becomes <br /> <br />23 <br />