705.21 MANNER OF TERMINATION.
(a) The City reserves the right to revoke the rights of any franchise granted hereunder if the company fails, after sixty days' written notice, to comply with the conditions, provisions or regulations under this chapter or under the terms of its franchise agreement. The company at any time during the effective period of this chapter may terminate its agreement hereunder on giving the City ninety days written notice of such termination, provided the company pays the City, within thirty days of the effective date of such termination, all sums due the City under the provisions of its franchise.
(b) (1) On termination for cause as provided by this chapter, the City, at its election, and on payment to the franchisee of a sum equal to the net book value of the physical property of the system, shall have the right to purchase and take over the CATV system in its entirety.
(2) On expiration of the term of any franchise granted hereunder, or on receipt of an application for franchise transfer approval as set forth in Section 705.14, the City, at its election, and on payment to the franchisee of a sum equal to the fair market value of the physical property of the system, shall have the right to purchase and take over the CATV system in its entirety.
(3) Under subsections (b)(1) and (2) hereof, any sum payable by the City for net book value or fair market value shall in no event include and the franchisee shall not receive anything for the valuation of "good-will" or of any right or privilege appertaining to it under its franchise. On exercise of either of these options by the City and its service of an official notice of such action on the franchisee, and on payment of the purchase price, the franchisee shall immediately transfer to the City possession and title to all facilities and property, real and personal, of the CATV business, free from any and all liens and encumbrances not agreed to be assumed by the City in lieu of some portion of the purchase price set forth above, and the franchisee shall execute such warranty deeds or other instruments of conveyance to the City as shall be necessary for the purpose.
(c) In order that the City may exercise its option to take over the facilities and property of the system as herein provided, the franchisee shall not make, execute or enter into any deed, deed of trust, mortgage, contract, conditional sale contract or any loan, lease pledge, sale, gift, pole agreement, or any other agreement concerning any of its facilities or property, real or personal, without prior approval of Council.
(1979 Code 115.21)