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A. The company's franchise shall not be assigned or transferred without the prior written consent of the Village. As used in this Section, the terms "assigned" and "transferred" shall mean any transaction or series of transactions defined as a transfer in this Chapter.
B. No consent from the Village is required prior to the granting of a security interest in any of the company's assets by pledge, mortgage or other hypothecation to secure an indebtedness.
C. The company shall notify the Village in writing of any foreclosure or any other judicial sale of the franchise or of a substantial part of the assets of the company or of the cable system. Such notification shall be considered by the Village as notice of a franchise transfer and the provisions of this Section governing the application for Village consent to the transfer shall apply.
D. The company, and any proposed assignee or transferee of the franchise, shall submit a written application to the Village containing or accompanied by such information as is required in accordance with applicable law and FCC regulations.
E. For the purpose of determining whether it shall consent to such franchise transfer, the Village may inquire into the legal, financial, technical and other qualifications of the prospective transferee or controlling party to operate and maintain the system, to comply with all franchise obligations for the remainder of the franchise term, and to promptly cure any present or ongoing franchise violations or defaults. The company and the prospective transferee or controlling party shall provide such information as reasonably requested by the Village in connection with such inquiry.
F. The consent of the Village shall not be unreasonably delayed or denied. As prescribed by the Cable Act (47 USC section 537), the Village shall be deemed to have consented to a proposed transfer if the Village fails to render a final decision on the request for approval of the proposed transfer within one hundred twenty (120) days following the Village's receipt of the written application for consent to the transfer, unless the Village and the applicant agree in writing to extend the time for the Village to review the application and to grant or deny its consent. (Ord. 00-05-10)