(A) The village reserves the right to revoke the rights of any franchisee granted hereunder if the company fails, after 60 days written notice, to comply with the conditions, provisions or regulations under this chapter, or the terms of its franchise agreement. The company at any time during the effective period of this chapter may terminate its agreement hereunder upon giving of this chapter 90 days written notice of the termination, provided that the company pay the village, within 30 days of the effective date of the termination, all sums due the village under the provisions of its franchise.
(B) (1) Upon the termination for cause as provided by this chapter, the village, at its election, and upon payment to the franchisee of a sum equal to the fair market value of the physical property of the system, shall have the right to purchase and take over the CATV system in its entirety.
(2) Upon expiration of the term of any franchise granted hereunder, or upon receipt of an application for franchise transfer approval as set forth in § 113.14, the village, at its election, and upon payment to the franchisee of a sum equal to the fair market value of the physical property of the system, shall have the right to purchase and take over the CATV system in its entirety.
(3) In the foregoing divisions (1) and (2) above, any sum payable by the village for net book value or fair market value shall in no event include and the franchisee shall not receive anything for the valuation of good will or of any right to privilege appertaining to it under its franchise. Upon exercise of either of these options by the village and its service of an official notice of the action upon the franchisee, and upon payment of the purchase price, the franchisee shall immediately transfer to the village possession and title to all facilities and property, real and personal, of the CATV business, free from any and all liens and encumbrances not agreed to be assumed by the village in lieu of some portion of the purchase price set forth above; and the franchisee shall execute the warranty deeds or other instruments of conveyance to the village as shall be necessary for this purpose.
(C) In order that the village may exercise its option to take over the facilities and property of the system as herein provided, the franchisee shall not make, execute, or enter into any deed, deed of trust mortgage, contract, conditional sales contract, or any loan, lease pledge, sale, gift, pole agreement, or any other agreement concerning any of its facilities or property, real or personal, without prior approval of the Village Council, which shall not be unreasonably withheld.
(Ord. 742-80, passed 12-9-1980)