(a) The franchise shall not be assigned or transferred whether in whole or in part or leased, sub-let or mortgaged in any manner, nor shall title thereto, either legal or equitable, or any right, interest or property therein, pass to or vest in any person either by the act of a grantee or by operation of law without the consent of Council. The granting, giving or waiving of any one or more of such consents shall not render unnecessary any subsequent consent or consents.
(b) Prior approval of Council shall be required where ownership or control of more than ten percent (10%) of the right of control of the grantee is acquired by a person or group of persons acting in concert or corporation, none of whom already own or control ten percent (10%) or more of such right of control, singularly or collectively at the date the franchise is granted. By its acceptance of the franchise, a grantee specifically agrees that any such acquisition occurring without prior approval of Council shall constitute a violation of this chapter by the grantee.
(c) Nothing in this section shall be deemed to prohibit a mortgage or pledge of the CATV system equipment or any part thereof or a leasing by a grantee from another person of such CATV system equipment or part thereof for financing purposes or otherwise. Any such mortgage, pledge or lease shall be made only with the prior approval of Council and shall be subject and subordinate to the rights of the City under this franchise agreement or applicable law, subject to the rights of the first mortgagee.
(Ord. 1980-11. Passed 5-28-80.)