The board of directors of the cable television commission may, pursuant to the provisions of Section 5.28.1760 of this chapter, consent by duly adopted resolution to the sale, transfer, assignment, mortgage, pledge, lease, sublease or other transfer of right, title or interest in property mandatorily included by Section 5.28.560 of this chapter within that authorized to be purchased or in a franchise issued pursuant to the provisions of this chapter, when such transfer is for a purpose other than securing a loan of capital. Any such transfer shall be subject and subordinate to the rights of the county, cities and commission under the franchise documents for the franchise, and the transferee shall acknowledge in writing such subordination and agreement to comply with and be bound by the terms, conditions, provisions and requirements of the franchise documents. (Prior code § 20.09.754)