03-1086 Electric Utility Franchise Agreement - Progress Energy

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Regulatory Commission; or (2) Grantor's right (if any) to argue that Grantee is not entitled to an award of stranded costs. (H) Form of Arbitration Award. The award shall identify the amounts awarded as to each category of the methodology set out in paragraphs (F) and (G) above. (I) and costs. Attorney's Fees and Costs. Each party shall bear its own attorney's fees (J) Confirmation of Award. The award of the arbitrators may be confirmed in any court of competent jurisdiction, and may be vacated, modified or denied confirmation only on grounds provided by the Florida Arbitration Code or such similar law as may be applicable. (K) Grantor Obligation to Purchase Upon FERC or Similar Award Becoming Final. Extinguishment of Purchase Option. Within 180 days after any FERC proceeding becoming final and not subject to judicial review, or if no stranded costs are claimed by Grantee, Grantor shall notify Grantee whether Grantor will purchase Grantee's facilities. If Grantor fails to timely notify Grantee, Grantor's right to purchase shall expire and have no further force and effect. If Grantor timely notifies Grantee of Grantor's intent to purchase, Grantor shall pay the full amount of the arbitration award, plus any escalation for post-arbitration changes in the facilities, plus any stranded costs awarded by FERC to Grantee and shall consummate such purchase, including making full payment therefor, within 180 days of such notice by Grantor. If Grantor fails to consummate the purchase within 180 days, Grantor's right to purchase Grantee's facilities shall expire and be of no further force and effect. The 180 days may be extended due to unforeseen acts out of Grantor's controL (L) No waiver or abrogation of regulatory reviews. Any such purchase shall be subject to the receipt of any necessary regulatory approvals. SECTION 12. Severabilitv. Except as hereafter provided, should any section or provision of this Franchise ordinance or any portion thereof (other than Section 11 hereof, granting Grantee a franchise term of thirty (30) years), the deletion of which would not adversely affect (in the general sense) the receipt of any material benefits or, substantially increase the burden of any party hereunder, be declared by a court of competent jurisdiction (or such other legal body, if any, having such final authority at the time of any such declaration of invalidity) to be invalid, such decision shall not affect the validity of the remainder, as a whole or any part thereof, other than the part declared to be invalid. Provided, however, that should the effect of any such declaration of invalidity, whether partial or total, be to shorten the term of the franchise as provided in Section 11 herein, then Grantor's option to purchase Grantee's facilities under Section 11 hereof, and all other provisions of Section 11, shall not be severable and Section 11 shall be of no further force or effect. 9