A. No operator shall transfer or assign its interest in any agreement awarding a franchise in accordance herewith or in its cable communications system before completion of the construction of its cable communications system without the prior written authorization of the City. For purposes of this Section, a merger or consolidation shall be deemed a transfer or assignment.
B. During the term of any agreement awarding a franchise in accordance herewith, an operator shall not sell, transfer, exchange or release, or permit the sale, transfer, exchange or release of more than three percent (3%) of the ownership of its cable communications system to a person, (hereinafter "proposed transferee") without the prior written authorization of the City.
C. Any proposed transferee shall execute an agreement in the form and containing the conditions approved by the City Attorney that it will assume and be bound by all of the provisions, terms and conditions of this Chapter and any agreement awarding a franchise in accordance herewith.
D. The occurrence of an unauthorized transfer or assignment may, at the option of the City, terminate any franchise agreement awarded hereunder, and accelerate all of the rights and obligations hereunder. For purpose of this Section, an adjudication of bankruptcy or the placement of the operator into receivership shall constitute an unauthorized assignment. (Ord. 90-85)