(a) The franchise shall not be assigned or transferred, whether in whole or in part, or leased, sublet or mortgaged 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 either by the act of a grantee or by operation of law without the consent of Council. The granting, giving or waiving of any one or more of such consents shall not render unnecessary any subsequent consent or consents.
(b) The consent or approval of Council to any assignment, lease, transfer, sublease, or mortgage of the franchise shall not constitute a waiver or release of the rights of the City in and to the streets.
(c) Prior approval of Council shall be required where control of more than ten percent (10%) of the right of control of the grantee is acquired by a person or group of persons acting in concert, none of whom already own or control ten percent (10%) or more of such right of control, singularly or collectively, at the date the franchise is granted. By acceptance of the franchise, a grantee specifically agrees that any such acquisition occurring without prior approval of Council shall constitute a violation of this chapter by a grantee.
(d) Nothing in this section shall be deemed to prohibit a mortgage or pledge of the CATV System equipment, or any part thereof, or a leasing by a grantee from another person of the CATV System equipment, or part thereof, for financing purposes or otherwise. Any such mortgage, pledge or lease shall be made only with the prior approval of Council and shall be subject and subordinate to the rights of the City under this contract, or applicable below.
(Ord. 5757-1980. Passed 5-13-80.)