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<br /> -5- <br /> SECTION 11: No Exclusive Privileges Conferred. Nothing herein <br /> contained shall be construed as giving to PEC any exclusive privilege <br /> or franchise. <br /> SECTION 12: City Approval of Transfer. PEC shall have the right <br /> to transfer this agreement. The written approval by the City Council <br /> shall be secured by PEC before it may transfer or assign this <br /> agreement, or any of the rights or privileges included within it, or <br /> any significant portion of its plant or system. Any successor or <br /> assignee of PEC shall be bound by all the duties, obligations, and <br /> conditions of the ag reemen t. Such transfer or assignment will be <br /> considered only upon the filing with the City Secretary of an <br /> instrument duly executed by the assignee agreeing to be bound. The <br /> City shall not unreasonably withhold approval of a transfer; provided, <br /> however, the proposed assignee must show financial responsibility and <br /> must agree to comply with all provisions of this agreement. <br /> SECTION l3: Right to Terminate For Breach of Contract. Violation <br /> of or failure or refusal on the part of PEC to perform, or in good <br /> faith begin and continue performance, of any of the te rIDS and <br /> provisions hereof after thirty (30) days written notice from the City <br /> of such claim, failure or violation shall, at the election of the City, <br /> be treated as a breach of the terms of this ordinance and Agreement, <br /> and failure on the part of PEC due to its negligence or refusal to well <br /> and truly perform or attempt in good faith to perform any of its <br /> duties hereunder shall be treated as a breach of this agreement, <br /> ordinance and franchise and this ordinance, ag reement and franchise <br /> shall, thereupon, at the election of the City, terminate and <br /> become inoperative. <br /> SECTION l4: Partial Invalidity and Repeal Provisions. All <br /> ordinances and agreements and parts of ordinances and agreements in <br /> conflict herewith are hereby repealed only to the extent of the <br /> conflict herewith. <br /> SECTION l5: Regulation of Rates. The City and PEC agree that the <br /> City shall have the authority to regulate the rates and tariffs of PEC <br /> for electric utility service provided within the City in accordance <br /> with applicable laws of the State of Texas. <br />