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(90) day option during which it may purchase the Licensed Equipment from the CITY for the then fair market value thereof. Exercise of this option shall be made by written notice from the CONTRACTOR to the Executive Director. CITY and CONTRACTOR shall, within thirty (30) days after such exercise, each select a licensed appraiser in the field to determine said fair market value. The appraisers shall submit their appraisals to both parties within thirty (30) days after their selection, and the average between their appraised values shall be deemed to be the fair market value. If CONTRACTOR desires to purchase the Licensed Equipment, it must tender the full fair market value to the CITY within forty five (45) days after both appraisers have delivered their appraisals. If either appraiser fails to act within the terms of this option or if either party hereto fails to select an appraiser, the determination of the sole appraiser shall be binding. The CONTRACTOR shall bear the expense of both appraisers. The CITY agrees that if CONTRACTOR elects to exercise this option it will, after tender of the full purchase consideration, do all things proper and necessary to transfer full title, free and clear of all liens and encumbrances, to the Licensed Equipment to CONTRACTOR or its assignors. Should CONTRACTOR not exercise this option to purchase the Licensed Equipment then, at the termination of the license granted herein, CONTRACTOR shall surrender possession of the Licensed Equipment to CITY in good order and repair to the satisfaction of CITY, normal wear and tear excepted. Proceeds from the sale of the Licensed Equipment are the property of the City. (g) REPLACEMENT OF RESIDENTIAL AND COMMERCIAL COLLECTION VEHICLES: Once the City-owned collection vehicles, as described in Exhibit A and this Section have reached the end of their useful lives, the CONTRACTOR will provide at its expense, new low-emission collection vehicle replacements which meet or exceed the emission requirements of all Federal, State or Local air quality laws or regulations. The CONTRACTOR will begin the process of replacing all residential and commercial collection vehicles, starting with the oldest trucks in 2006 with the goal of completing all truck replacements by 2012. All residential collection vehicles will display the City's recycling logo. The CONTRACTOR will also replace the Solid Waste collection and Recycling plastic carts as described in Exhibit A with new carts as needed. All replacement vehicles and carts provided shall be owned and operated by the CONTRACTOR. 12. COLLECTION POINTS AND REQUIREMENTS: (a) CONTRACTOR shall not be required to collect Solid Waste from any Curbside Service Unit unless the same is placed on the curb along a public or private street, or along an alley having street access at both ends, and is placed in Solid Waste collection and Recycling plastic carts provided to the Curbside Service Unit by CONTRACTOR and is prepared for collection in a manner prescribed by the CITY'S regulations covering the same. Under no circumstances shall CONTRACTOR be required to pick up and collect any material or matter which is not Solid Waste as defined in this Agreement, or to pick up and collect any Solid Waste from Curbside Service Units which does not comply with the following standards and limitations: (1) All Solid Waste shall be placed in the Solid Waste collection and Recycling plastic carts provided by CONTRACTOR to each Curbside Service Unit pursuant to the following: (a) Non-Recyclable Solid Waste shall be placed in burgundy plastic carts provided by CONTRACTOR; 11 25A-19