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Section 120. Franchise Extensions. All extensions of a public utility within the city shall become a part of the aggregate property of the public utility, shall be operated as such and shall be subject to all the obligations and reserved rights containedin this charter and in state law. The right to use and maintain any extension shall terminate with the original grant made to the utility. Section 121. Exclusivity and Transfer of Franchise. The city shall not grant an exclusive franchise to any public utility. No public utility franchise may be transferred or assigned by the holder except with the approval of the city, expressed by ordinance following a public hearing. Section 122. Regulation of Franchises. All grants, renewals, extensions or amendments of public utility franchises shall be subject to the right of the city to: (1) repeal the same by ordinance at any time for failure to begin construction or operation within the time prescribed or for failure otherwise to comply with terms of the franchise, such power to be exercised only after due notice and hearing; (2) require an adequate and reasonable extension of plant andservice and the maintenance of plant and fixtures at a standard by which to render the highest reasonable quality of service to the public; (3) establish reasonable standards and quality of service and prevent unjust discrimination in service and/or rates; (4) prescribe, for each franchisee, the form of accounts to be kept or, alternately, require the system of accounts conform to that required by the appropriate state and/or federal regulatory agencies; (5) impose such reasonable regulations andrestrictions as may be deemed desirable or conducive to the safety, welfare and accommodation of the public; (6) require franchisees to furnish the city, without cost to the city, a general map with updates outlining the location, character, size, length, and terminals of all facilities of such franchisee in, over and underground of property in the city; to regulate and control the location, relocation and removal of such facilities; and to provide detailed information on request. (7) examine and audit at any time during normal business hours the accounts and records of the franchisee; 11