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provision which provides the greatest benefit to the City in the opinion of the City Council shall prevail. Section 4. Terra - -Ren ew aI,, The franchise shall remain in fall force and effect for an initial period as specified by the grant of the franchise. The initial period shall not exceed ten (10) years; provided, however, that the City may revolve the franchisee's right to use or occupy any portion of any street, alley, right-of-way or other City property. The franchisee may be granted by the City the option to extend the franchise on such towns and conditions as may be mutually acceptable to the City and the franchisee, for up to two (2) additional terms. Each additional terra shall be one -half the length of the initial term. The franchisee may exercise each extension option by providing written notice of such exercise to the City within sixty (60) days prior to the end of the then current term of the franchise. Notwithstanding the foregoing, the franchisee shall not have the right to exercise an extension option while an uncured default by it exists with respect to this ordinance. The franchise terra shall commence with the effective date of the ordinance granting a specific franchise; provided, that the franchisee has filed within thirty (30) days after publication of this ordinance a written acceptance hereof ` with the City Manager its such f orrri as the City Attorney may approve; and provided, that a bond or letter of credit as sped f ied in Section 22 hereof and the evidence of comprehensive 1 i abil'ity insurance, which are required by this ordinance, shall have been approved and have been filed with the City Manager within ninety 0) days after the grant of the franchise. In accepting a franchise, the franchisee acknowledges that its ri