The rights and privileges hereby granted shall not be sold, assigned, transferred, or sublet in whole or in part, either directly or by operation of law, nor shall the grantee's system or any part of it be sold, transferred, rented, or subleased, nor shall the grantee mortgage or encumber the rights and privileges herein granted without the prior consent of the City Council, given by resolution. Permission for assignments, mortgages, or other liens on this franchise or on the grantee's system, shall not be unreasonably withheld in the event that the assignment, lien, or encumbrance is made for the purpose of improving or expanding the existing network facilities. Prior approval of the city shall be required where ownership or control of more than 30% of the right of control of the grantee is acquired by a person or group of persons acting in concert, none of whom already own or control 30% or more of such right of control, singularly or collectively. By its acceptance of this franchise, the grantee specifically agrees that any violation of this section shall constitute a material violation of this franchise by the grantee.
(Ord. 130, passed 3-26-81) Penalty, see § 110.99