The failure of a refiner to serve notice upon a retailer or wholesale purchaser as required in NRS 597.410 constitutes a grant of the option by the refiner to the retailer or wholesale purchaser to renew the franchise or contract for a period of 1 year under the same price, rent, terms and conditions as the expiring agreement. The option expires 45 days after the date when notice should have been served, unless exercised by written notice to the refiner.