(a) Except as provided herein, Company shall, at all times during the term of this Franchise, be the owner and have complete possessory rights to all facilities and property of the Cable Television System, except the PEG system. Any transfer of control of this Franchise whether by forced or voluntary sale, transfer of stock or any other form of disposition shall require approval of City which shall not be unreasonably withheld.
(b) Nothing contained herein shall be deemed to preclude the Company from entering into any pledge, mortgage, or collateralization of any assets of the Cable Television System in conjunction with any financing or refinancing in the normal course of business. No transfer to a lender or foreclosure shall be effective without the consent of the City which shall not be unreasonably withheld.
(c) Neither Company nor its parent nor any affiliated entity shall change, transfer, or assign, through its own action or by operation of law, its control of the Cable Television System without the prior written consent of the City. Such consent shall not be unreasonably withheld.
(d) Neither Company nor its parent nor any affiliated entity shall sell, convey, transfer, exchange or release more than twenty-five percent (25%) of its equitable ownership in the Cable Television System without the prior written consent of the City. Such consent shall not be unreasonably withheld.
(e) Company shall make written application to the City for consent to any transfer assignment as described above and shall provide all information required by FCC Form 394 and any other applicable federal, state and local statutes and regulations regarding transfer or assignment. Within thirty (30) days of receiving a request for transfer, the City in accordance with FCC regulations, shall notify Company in writing of the information it requires to determine the financial ability technical skills and legal qualifications for the transferee. The City shall have one hundred twenty (120) days from the receipt of all required information in which to take action on the transfer or assignment beyond which consent to the transfer shall be deemed given.
(f) The consent of the City to any transfer or assignment as described above shall not be effective until the proposed transferee or assignee shall have executed a legally binding document stating that it shall be bound by all the terms and conditions contained in this Agreement. (Ord. 11-2005. Passed 2-15-05.)