4.20.132.7 Franchisee and assignee or transferee to assist city in its inquiry of prospective controlling party.

   4.20.132.7.1.   Franchisee's Responsibility. A franchisee shall assist the city in its inquiry into an assignee's or transferee's capabilities under this section. The franchisee shall promptly notify city of any actual or prospective change in control of franchise.

   4.20.132.7.2.   Assignee's or Transferee's Responsibility. In seeking the city's consent to any change in ownership or control, assignee or transferee shall have the responsibility to establish, to the satisfaction of city, that assignee or transferee has all the legal, financial and technical qualifications necessary to perform all of the terms, conditions and obligations of the franchisee under the franchise agreement for the remaining term thereof. The city may request, and assignee or transferee shall provide, all reasonable financial data relative to the transfer, including but not limited to the materials specified in this section. In addition, assignee or transferee shall provide to the city the terms and conditions of the sale, credit agreements, partnership agreements and any other information reasonably related to the assignee's or transferee's acquisition of the franchise agreement which is needed to clarify the change of ownership. (Ord. 205 § 3, 2001)