§ 59-15. Transfer; cancellation.

A.

Without Council approval the company shall not sell or transfer its CATV system or any of its rights under this franchise to another, except to a parent company or a wholly owned subsidiary of the company, except as security for moneys borrowed. Such Council approval shall not be unreasonably withheld.

B.

Upon the foreclosure or other judicial sale of all or a substantial part of the cable television system or upon the termination of any lease covering all or a substantial part of the cable television system, the company shall notify the Council of such fact, and such notification shall be treated as a notification that a change in control of the company has taken place, and the provisions of this section governing the consent of the Board to such change in control of the company shall apply.

C.

The Council shall have the right to cancel this franchise one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the company, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days, or unless:

(1)

Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this chapter and remedied all defaults thereunder; and

(2)

Such receiver or trustee, within said one hundred twenty (120) days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the certificate granted to the company.

(Ord. No. 104, 9-16-1985)