Not later than thirty (30) calendar days following the date of expiration or termination of the franchise, the cable television commission or its assignee shall notify the franchisee of its intention to purchase the property identified in the notice mailed pursuant to the provisions of Section 5.28.630 of this chapter. The purchase price shall be the value as determined by the arbitration panel. The election to purchase shall be evidenced by a written notice so stating mailed to the franchisee not later than thirty (30) calendar days following the date of expiration or termination of the franchise. The failure to mail such notice within the time prescribed herein shall be conclusively presumed to constitute an election not to purchase the property pursuant to the provisions of this chapter, and the franchisee shall not be entitled to any compensation for such property or other costs or damages, whether related to conduct of the arbitration proceedings, or otherwise. If any notice, memorandum or report required by Sections 5.28.640 or 5.28.650 of this chapter, has not been received by the date of expiration or termination of the franchise, the notice of election herein need not be mailed until thirty (30) calendar days following the date of receipt of such notice, memorandum or report.
The purchase price shall be deposited into an escrow of a company named by the commission or its assignee. The title company shall be authorized to pay the purchase price as directed by the franchisee when it can provide for the commission or its assignee grant deeds with respect to real property, bills of sale with respect to personal property or other evidences of title vesting insured title in the commission or its assignee free and clear of all liens and encumbrances except easements and rights-of-way respecting the real property which do not impair its use for the purposes intended, and assignments of leases, if any, with respect to real or personal property which is leased. The seller or sellers shall pay all title insurance, recording, escrow and closing fees and costs. (Prior code § 20.03.264)