(a) The approval of the Board of Trustees and Village ratification are required prior to the assignment or transfer of the franchise. If the franchise is transferred, the Village reserves the right to renegotiate any and all portions of the franchise agreement.
(b) Notification of the Board is required where ownership or control of more than twenty percent of the right of control of the grantee is acquired in any transaction or series of transactions by a person or group of persons acting in concert, none of whom already owns or controls twenty percent or more of such right of control, singularly or collectively. By its acceptance of this franchise, the grantee specifically grants and agrees that the occurrence of any such acquisition without prior notification of the Board will constitute a violation of this chapter by the grantee.
(c) The sale, transfer, lease or trust mortgage of, or any other instrument of hypothecation regarding, the franchise shall not constitute a waiver or release of any of the rights of the Village under this chapter and the franchise.
(d) Notwithstanding any other provision of this chapter, the grantee may assign, transfer, sell or dispose of, in whole or in part, by voluntary sale, merger, consolidation or otherwise, the franchise or the cable television system to a wholly owned subsidiary or an affiliated interest without the prior consent of the Board, provided that the parent company remains fully liable for the provisions of the franchise agreement and the Village is timely notified of the time and circumstance of such transaction.
(e) The grantor's right to assign a franchise shall not limit the right of the Village to assign its rights to acquire all of the assets of a grantee's cable television system.
(Ord. 593. Passed 7-12-82.)