The grantee shall not sell or transfer its plant or system to another, other than a person controlling, controlled by or under common control with the grantee, nor transfer any rights under this franchise to another without prior written notification to the city. No sale or transfer of the grantee's assets used in the performance of this franchise shall be effective until the vendee, assignee or lessee has filed in the office of the city clerk an instrument duly executed reciting the fact of such sale, assignment or lease, accepting the terms of the franchise and agreeing to perform all the conditions thereof. Neither this section or other sections of this franchise shall preclude the mortgaging, hypothecating, or assigning of rights in the system, or the pledge of stock by the grantee for the purpose of financing. (Ord. 2008-04, 10-14-2008, eff. 10-14-2008)