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40 neglect, default or misconduct of Grantee in the construction, operation or maintenance of its facilities hereunder. Section 5. That all rates and rules and regulations established by Grantee from time to time shall be reasonable and Grantee's rates for electric_ service shall at all times be subject to such regulation as may be provided by State law. The Outside City Limit Surcharge levied by the Grantee on electric rates is as governed by state regulations and may not be changed unless and until such state regulations are changed and even in that event such charges shall not be increased from the present ten (108) per cent above the prevailing City of Vero Beach base rates without a supporting cost of service study, in order to assure that such an increase is reasonable and not arbitrary and/or capricious. The right to regulate electric rates, impact fees, service policies or other rules or regulations or the construction, operation and maintenance of the electric system is vested solely in the Grantee except as may be otherwise provided by applicable laws of the Federal Government or the State of Florida. Section 6. Prior to the imposition of any franchise fee by the Grantor, the Grantor shall give a minimum of sixty (60) days notice to the Grantee of the imposition of such fee. Such fee shall be initiated only upon passage, by the Grantor and acceptance by the Grantee, of an appropriate ordinance in accordance with Florida Statutes. Such fee shall be a percentage of gross revenues from the sale of electric power and energy to customers within the franchise area as defined herein. Said fee, at the option of the Grantee, may be shown as an additional charge on affected utility bills. The franchise fee, if imposed, shall not exceed six (68) per cent of applicable gross ,revenues. Should the Grantee refuse to accept an ordinance of the Grantor imposing such a fee, this franchise agreement shall. become null and void. Section 7. Payments of the amount to be paid to 0 Grantor by Grantee under the terms of Section 6 hereof shall be G 1-0 made in monthly installments. Such monthly payments shall be CO rendered twenty (20) days after the monthly collection period. -o O tD -3- W