(A) A franchise shall not be assigned or transferred, either in whole or in part, or leased or sublet in any manner, nor shall title thereto, either legal or equitable, or any right, interest or property therein, pass to or vest in any person without the prior written consent of the village. The proposed assignee must show its qualifications and its financial responsibility as determined by the Village Council and must agree to comply with all provisions of the franchise. A franchise shall not be mortgaged, either in whole or in part, without an agreement by the mortgagee to be subordinate to the franchiser's right to receive franchise fees from the franchisee and without the prior written consent of the village. The village shall be deemed to have consented to a proposed transfer, assignment or mortgage if its refusal to consent is not communicated in writing to the franchisee within 120 days following receipt of written notice of a proposed transfer, assignment or mortgage, accompanied by all information required by law, including this chapter and the franchise agreement. Consent by the Village Council shall not be unreasonably withheld.
(B) A franchisee shall promptly notify the village of any proposed change in or transfer of or disposition of or acquisition by any other party of control of the franchisee. The word “control” as used in this subsection is not limited to major stockholders but includes actual working control in whatever manner exercised. Every change in, transfer of or acquisition of control of the franchisee shall make the franchise subject to revocation unless and until the village shall have consented thereto, which consent shall not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, disposition or acquisition of control, the Village Council may inquire into the qualifications of the prospective controlling party, and the franchisee shall assist the Village Council in such inquiry.
(C) The consent or approval of the Village Council to any transfer of a franchise shall not constitute a waiver or release of the right of the village in and to the streets, and any transfer shall by its terms be expressly subordinate to the terms and conditions of the franchise.
(D) In the absence of extraordinary circumstances, the Village Council shall not approve any transfer or assignment of a franchise prior to completion of construction of the proposed system or any required upgrade thereof.
(E) The Village Council reserves the right to review the purchase price of any transfer or assignment of the cable communication system.
(F) In no event shall a transfer of ownership be approved without the transferee becoming a signatory to the franchise agreement.
(Ord. passed - -)