(a) At all times from the expiration or revocation of a franchise and until either a grantee transfers to the Village or other succeeding operator of the system all of its rights, title and interest to all assets, real and personal, related to its cable television system, or the Village's right to either acquire or assign its rights to acquire any of the grantee's assets expires without the Village having exercised such a right, whichever occurs first, the grantee shall have a duty to such successor as a trustee holding such assets for the benefit of such successor, and the grantee shall not sell any of the system assets or make any physical, material or administrative operational changes that would tend to degrade the quality of service to the subscribers, decrease gross revenues or materially increase expenses, without the express permission, in writing, of the Village or its assigns. The grantee shall at all times operate the system in accordance with this chapter and the franchise as if the franchise had not expired or had not been revoked.
(b) In the event of the expiration or revocation of a franchise, this section shall not be construed to give a grantee any vested or other franchise right, but the right of the grantee in such circumstances shall exist only on a day-to-day basis until the transfer is effected.
(c) For its management services during the interim period as a trustee, the grantee shall receive, as compensation, the net profit generated during the period between the expiration or revocation of the franchise, as the case may be, and the transfer of the grantee's assets to the Village or the successor.
(d) Further, this section shall in no way limit the power of the Village, upon expiration or revocation of a franchise, to require the grantee to cease all operations whatsoever and/or remove its facilities, or to otherwise exercise any rights the Village would otherwise have.
(Ord. 593. Passed 7-12-82.)