A franchise and any rights or obligations of the franchisee under the franchise agreement shall not be sold, assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable, or any right, interest or tangible or intangible property therein (tangible property being defined as more than twenty-five (25) percent of the tangible property of the franchisee located in the city either cumulatively or at any one time), pass to or vest in any person without prior written consent of the city. Such consent shall be required for a transfer in trust, mortgage, or other hypothecation in whole or in part to secure an indebtedness, provided, however, that such consent shall not be unreasonably withheld, and that such consent shall not be required for purchase money security interests incurred in the ordinary course of business. The franchise shall deposit with the city an amount determined by the cable administrator as necessary to reimburse the city for all city and third party costs incurred by the city with respect to the city’s review of such transfer. (Ord. 205 § 3, 2001)