§ V. CASH CONSIDERATION.

In consideration for the grant of franchise and the right to use public rights-of-way within the City, the Company shall pay, quarterly, a cash consideration in an amount equal to two percent (2%) of the "gross receipts", as defined in Section I (d), of the Company from the sale of electricity to consumers within the corporate limits of the City of Hobbs. Payments shall be paid monthly not later than thirty (30) days after the end of the month for the receipts received during that month of the entire period this franchise is in force. The payment of this amount shall be in lieu of any and all licenses, taxes, fees, charges or other excises or extrications on the Company or its properties, except for general property taxes and special assessments for local improvements and except any occupation or other tax assessed on Company or its properties, except any occupation or other tax assessed on Company on other non-utility revenues derived from within the City and not included in the definition of "gross receipts" herein. To assure proper payment as herein provided, the books of the Company shall be open to inspection by the City at all reasonable times.