§ 115.01 Franchise Granted

There is hereby granted to ITC MIDWEST LLC, a wholly owned subsidiary of ITC HOLDINGS CORP., its successors and assigns (the “Company”), the right and franchise to acquire, construct, erect, maintain and operate in the City of Tiffin, Johnson County, Iowa, (the “City”) a transmission system for electric power and the right to erect and maintain the necessary poles, lines, wires, conduits and other appliances or equipment and substations for the transmission of electric current (collectively, the “Facilities”) along, under and upon the streets, avenues, alleys and public places in the City of Tiffin, Johnson County, Iowa; also the right to erect and maintain upon the streets, avenues, alleys and public places, transmission lines through the City of Tiffin, Johnson County, Iowa, for the period of twenty-five (25) years†, also the right of eminent domain as provided in Section 364.2 of the Code of Iowa.