(A) No sale or transfer of the franchise, or sale, transfer, or fundamental corporate change of or in the grantee shall take place without the prior written consent of the village which consent shall not be unreasonably withheld.
(B) No such consent shall be required, however, for a transfer in trust, by mortgage, or by other hypothecation, or by assignment of any rights, title, or interest of the grantee in the franchise or the cable system to secure indebtedness. The grantee shall not be required to obtain approval from the village if the sale, transfer or assignment is to an entity controlling, controlled by, or under common control with the grantee. However, the grantee shall provide written notice to the village explaining such internal reorganization.
(C) The grantee shall file, in addition to all documents, forms and information required to be filed by applicable laws, either FCC Form 394 or all contracts, agreements or other documents that constitute the proposed transaction and all exhibits, attachments, or other documents referred to therein which are necessary in order to understand the terms thereof. The village shall have such time as is permitted by applicable law to review a transfer request.
(D) In no event shall a sale, transfer, corporate change, or assignment of ownership or control pursuant to this section be approved without any new grantee becoming a signatory to the franchise and assuming all rights and obligations thereunder, and assuming all other rights and obligations of the transferor to the village including, but not limited to, any adequate guarantees or other security instruments required by the village.
(E) The approval of any sale, transfer or assignment pursuant to this section shall not be deemed to waive any rights of the village to subsequently enforce noncompliance issues relating to the franchise even if such issues predate the approval, whether known or unknown to the village.
(Ord. 1 4-05, passed 4-4-2005) Penalty, see § 10.99