§ 7. [Grantee's acceptance of other municipal ordinance providing for payment of franchise fees; amendments.]

That in the event grantee shall hereafter accept an electric utility franchise ordinance from any municipality providing for the payment of franchise fees in excess of the amount provided for in section 4 above, then grantee shall be obligated to accept from grantor, if grantor so elects: 1) an amendment of grantor's existing franchise ordinance providing for the payment of the same increased franchise fees for the remaining term of this existing franchise ordinance if grantee accepts another franchise ordinance providing for the payment of the increased fees within the first 15 years of the term of grantor's franchise ordinance or 2) a new franchise ordinance providing for the payment of the same increased franchise fees for a term of 30 years if grantee accepts another franchise ordinance providing for the payment of the increased fees during the second 15 years of the term of grantor's existing franchise ordinance.