A.   A franchise shall not be assigned or transferred, pass to or vest in any person without the prior written consent of the Village. For the purposes of this Section a trust, mortgage or other hypothecation in whole or in part to secure an indebtedness, shall not be considered a sale, transfer or assignment for which consent is required. In addition, the grantee may transfer or assign the franchise to an affiliate or parent of the grantee provided such assign does not relieve grantee of its liabilities and obligations and such affiliate or parent may transfer or assign the franchise back to the grantee without such consent, providing that such assignment is without any release of liability and obligations of the grantee. Any proposed assignee must show legal, technical and financial responsibility as determined by the Village and must agree to comply with all provisions of the franchise. The Village shall have one hundred twenty (120) days to act upon any request for approval of a sale or transfer submitted in writing and grantee must accompany such request with such information as is reasonably required by FCC regulations and the Village. The Village shall be deemed to have consented to a proposed transfer or assignment if its refusal to consent is not communicated in writing to the grantee within one hundred twenty (120) days following receipt of written notice and receipt of all necessary information as to the effect of the proposed transfer or assignment upon the public, unless the requesting party and the Village agree to an extension of time. The Village shall not unreasonably withhold consent to a proposed transfer.
   B.   The grantee shall promptly notify the Village of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the grantee. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons of ten percent (10%) of the voting shares of the grantee. Every change, transfer or acquisition of control of the grantee shall make the franchise subject to revocation unless and until the Village shall have consented thereto, which consent shall not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer or acquisition of control, the Village may inquire into the qualifications of the prospective controlling party, and the grantee shall assist the Village in such inquiry.
   C.   The consent or approval of the Village to any transfer of the grantee shall not constitute a waiver or release of the rights of the Village in and to the streets, and any transfer shall by its terms, be expressly subordinate to the terms and conditions of the franchise.
   D.   In the absence of extraordinary circumstances, the Village shall not be required to approve any transfer or assignment of a new franchise prior to substantial completion of construction of the proposed system.
   E.   In no event shall a transfer of ownership or control be approved without the successor(s) in interest becoming a signatory to the franchise agreement. (Ord. 98-2054, 9-28-1998)