(a) Any franchise granted hereunder cannot in any event be sold, transferred, leased, assigned or disposed of, including but not limited to, by force or voluntary sale, merger, consolidation, receivership or other means without the prior consent of the town.
(b) The grantee shall promptly notify the town of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the grantee. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the disposal by the grantee, directly or indirectly, by gift, assignment, voluntary sale, merger, consolidation or otherwise, of 50 percent or more at one time of the ownership or controlling interest in the grantee.
(c) Every change, transfer, or acquisition of control of the grantee requiring consent of the town shall make the franchise subject to cancellation unless and until the town shall have consented thereto, which consent will not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the town may inquire into the legal, financial, and technical qualifications of the prospective controlling party, and the grantee shall assist the town in any such inquiry.
(d) The town agrees that any financial institution having a pledge of the franchise or its assets for the advancement of money for the construction and/or operation of the franchise shall have the right to notify the town that it or its designees satisfactory to the town will take control and operate the cable system. Further, said financial institution shall also submit a plan for such operation that will insure continued service and compliance with all franchise obligations during the term the financial institution exercises control over the system. The financial institution shall not exercise control over the system for a period exceeding one year, unless extended by the town at its discretion and during said period of time it shall have the right to petition for transfer of the franchise to another grantee. If the town finds that such transfer, after considering the legal, financial and technical qualifications of the applicant are satisfactory, the town will transfer and assign the rights and obligations of such franchise as in the public interest. The consent of the town to such transfer shall not be unreasonably withheld.
(e) The consent or approval of the town to any transfer of the grantee shall not constitute a waiver or release of the rights of the town in and to the streets, and any transfer shall, by its terms, be expressly subject to the terms and conditions of this chapter and the franchise.
(f) The town will approve any transfer or assignment of the franchise prior to completion of construction of the proposed system, if guarantees for timely and quality construction are provided by the transferee, as may be reasonably requested by the town.
(g) Notwithstanding anything to the contrary, the prior approval of the town shall not be required for any assignment to any person controlling, controlled by or under the same common control as the grantee.
(h) Any approval by the town of the assignment or transfer of the franchise shall be contingent upon the prospective grantee becoming a signatory to the franchise.
(Ord. No. 04-009, § 6-15, 8-26-2004)