(1) Transfer. This franchise shall not be sold, leased, assigned or otherwise transferred, nor shall any of the rights or privileges herein granted or authorized be leased, assigned, mortgaged, sold or transferred, either in whole or in part, nor shall title hereto, either legal or equitable, or any right, interest or property herein, pass to or vest in any person, except the franchisee, either by act of the franchisee or by operation of law, without the consent of the City, expressed in writing, such consent not to be unreasonably withheld. If the franchisee wishes to transfer this franchise, the franchisee shall give City written notice of the proposed transfer, and shall request consent of the transfer by the City.

(2) Any transfer of ownership effected without the written consent of the City shall render this franchise subject to revocation. The City shall have 60 days to act upon any request for approval of a transfer. If the City fails to render a final decision on the request within said 60 days, the request shall be deemed granted unless the franchisee and the City agree to an extension of time.

(3) The franchisee, upon any transfer, shall within 60 days thereafter file with the City a certified statement evidencing the transfer and an acknowledgment of the transferee that it agrees to be bound by the terms and conditions contained in this franchise.

(4) The requirements of this section shall not be deemed to prohibit the use of the franchisee’s property as collateral for security in financing the construction or acquisition of all or part of a telecommunications system of the franchisee or any affiliate of the franchisee. However, the telecommunications system franchised hereunder, including portions thereof used as collateral, shall at all times continue to be subject to the provisions of this franchise.

(5) The requirements of this section shall not be deemed to prohibit sale of tangible assets of the franchisee in the ordinary conduct of the franchisee’s business without the consent of the City. The requirements of this section shall not be deemed to prohibit, without the consent of the City, a transfer to a transferee whose primary business is telecommunications system operation and having a majority of its beneficial ownership held by the franchisee, a parent of the franchisee, or an affiliate, a majority of whose beneficial ownership is held by a parent of the franchisee. (Ord. 139 § 9, passed 11-13-2018)