A. Upon the revocation of the franchise, or the expiration of the term thereof, the grantor may, in any lawful manner and upon the payment of fair market value lawfully ascertained, purchase, condemn, acquire, take over and hold the property and plant of the grantee in whole or in part.
B. In order to preserve the right of the city under the franchise provided for, and its right to acquire the property of the grantee by purchase or by eminent domain proceedings at its then fair market value, at any time during the existence of the franchise, it is especially provided that if at any time the franchise or the property of the grantee under the franchise shall become the subject of eminent domain proceedings by the city, the city reserves and shall have the right at the time such proceedings are commenced, or at any time thereafter, to terminate said franchise by resolution. (Prior code § 7-16)