(A) The Grantee's Franchise shall not be transferred or assigned, in whole or in part, without the prior consent of the Village. As used in this Section, the terms “assigned” and “transferred” shall mean any transaction or series of transactions defined as a “Transfer” in this Franchise Agreement. No consent from the Village is required prior to the granting of a security interest in any of the Grantee's assets by pledge, mortgage or other hypothecation to secure indebtedness.
(B) The Grantee shall notify the Village in writing of any foreclosure or any other judicial sale of the Franchise or of a substantial part of the assets of the Grantee or of the Cable System. Such notification shall be considered by the Village as notice of a Franchise transfer and the provisions of this Chapter governing the application for Village consent to the transfer shall apply.
(C) The Grantee and any proposed assignee or transferee of the Franchise shall submit a written application to the Village containing or accompanied by such information as is required in accordance with applicable law and FCC regulations.
(D) For the purpose of determining whether it shall consent to such Franchise transfer, the Village may inquire into the legal, financial and technical qualifications of the prospective transferee or controlling party to operate and maintain the system. The consent of the Village shall not be unreasonably delayed or denied.
(E) As prescribed by the Cable Act (47 U.S.C. Section 537), the Village shall be deemed to have consented to a proposed transfer if the Village fails to render a final decision on the request for approval of the proposed transfer within one hundred and twenty (120) days following the Village's receipt of the written application for consent to the transfer, unless the Village and the applicant agree in writing to extend the time for the Village to review the application and to grant or deny its consent.
(F) Notwithstanding the foregoing, the Grantee may transfer ownership or control of the Franchise or the System to an entity controlling, controlled by, or under common control with Grantee, where such transfer does not result in a change in the management, operation or ultimate controlling entity of the Franchise or the System; provided, Grantee shall give the Village at least thirty (30) days prior written notice of any such transfer. For the purpose of determining whether a transfer will result in a change in the management, operation or ultimate controlling entity of the Franchise or System, the Village may inquire into the transfer and the Grantee shall assist the Village in such inquiry.
(G) The Grantee, and any proposed assignee or transferee of the Franchise, shall submit a written application to the Village containing or accompanied by such information as is required in accordance with applicable law and FCC regulations. Any Transferee shall agree in writing to abide by all terms and conditions of the Franchise Agreement. The Village's out of pocket costs associated with any transfer of the Franchise Agreement as set forth in a Franchise Agreement, shall be paid by either the transferor or by the transferee of the Cable System, and shall be paid at the time the Village approves said transfer.
(Ord. 01-2301, passed 12-11-01) Penalty, see § 113.2202