The grantee of said franchise, its successors or assigns shall during the life of said franchise pay to said City two percent of the gross annual receipts of said grantee, its successors or assigns, arising from the use, operation or possession of said franchise. No percentage shall be paid for the first five years succeeding the date of this franchise, but thereafter such percentage shall be payable annually; and in the event said payment shall not be made said franchise shall be forfeited; provided, however, that if said franchise be a renewal of a right already in existence, the payment of said percentage of gross receipts shall begin at once.