(A) For the purpose of this section,
CONTROL shall mean a majority stock ownership, but includes actual working control in whatever manner exercised.
(B) This franchise shall not be assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest, or property therein, pass to or vest in any person, either by the act of the grantee or by operation of law, without the consent of the Village Council. The granting, giving, or waiving of any one or more of such consents shall not render unnecessary any subsequent consent.
(C) The consent or approval of the Village Council to any assignment, lease, transfer, sublease, or mortgage of this franchise shall not constitute a waiver or release of the rights of the village in and to the streets.
(D) The grantee shall promptly notify the Village Manager of any actual or proposed change in or transfer of or acquisition by any other part of control of the grantee. Every change, transfer, or acquisition of control of the franchise shall make this franchise subject to cancellation unless and until the Village Council shall have consented hereto. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the Village Council may inquire into the qualifications of the prospective controlling party, and the grantee shall assist the Village Council in any such inquiry. If the Village Council does not schedule a hearing on the matter within 60 days after notice of the change or proposed change and the filing of a petition requesting its consent, it shall be deemed to have consented. In the event that the Village Council passes an ordinance denying its consent and such change, transfer, or acquisition of control has been effected, the Village Council may cancel this franchise unless control of the grantee is restored to its status prior to the change, or to a status acceptable to the Village Council.
(E) Nothing in this section shall be deemed to prohibit a mortgage or pledge of the CTS equipment, or any part thereof, or the leasing by the grantee from another person of the CTS equipment, or part thereof, for financing purposes or otherwise. Any such mortgage, pledge, or lease shall be subject and subordinate to the rights of the village under this contract and applicable law.
(1995 Code, § 112.23) (Ord. 79-O-20, passed 7-9-1979)