a. The cable system and a franchise agreement shall not be sold, assigned, transferred, leased, or disposed of, either in whole or in part, either by involuntary sale or by voluntary sale, merger, consolidation, nor shall title thereto, either legal or equitable, or any right, interest, or property therein pass to or vest in any person or entity, without the prior written consent of the grantor, which consent shall not be unreasonably withheld.

b. The grantee shall promptly notify the city of any actual or proposed change in, or transfer of, or acquisition by any other party of control of the grantee. The word "control" as used herein is not limited to majority stockholders or managing partners but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise on the acquisition or accumulation by any person or group of persons of ten percent (10%) of the shares or of comparable ownership interest in the grantee, except that this sentence shall not apply in the case of a transfer to any person or group already owning at least a ten percent (10%) interest of the shares or comparable ownership interest in the grantee. Every change, transfer or acquisition of control of the grantee shall make the franchise subject to cancellation unless and until the city shall have consented thereto.

c. The parties to the sale or transfer shall make a written request to the city for its approval of a sale or transfer and furnish all information required by law and the city.

d. The commission shall promptly conduct its investigation and review of the request pursuant to VMC 5.19.320 and shall forward its recommendation to city council. The city council shall render a final written decision on the request within one-hundred twenty (120) days of the request, provided it has received all required information. Subject to the foregoing, if the city fails to render a final decision on the request within one-hundred twenty (120) days, such request shall be deemed granted unless the requesting party and the city agree to an extension of time.

e. Within thirty (30) days of any transfer or sale, if approved or deemed granted by the city, the grantee shall file with the city a copy of the deed, agreement, lease or other written instrument evidencing such sale or transfer of ownership or control, certified and sworn to as correct by grantee and the transferee.

f. In reviewing a request for sale or transfer, the city shall comply with applicable provisions and procedures of the Cable Acts and may inquire into the legal, technical and financial qualifications of the prospective controlling party or transferee, and the grantee shall assist the city in so inquiring. The city may condition said sale or transfer upon such terms and conditions as it deems reasonably appropriate, provided, however, any such terms and conditions so attached shall be related to the legal, technical, and financial qualifications of the prospective controlling party or transferee to perform the obligations of the franchise and to resolve outstanding and unresolved issues of noncompliance with the terms and conditions of the franchise agreement by the grantee.

g. The consent or approval of the city to any transfer by the grantee shall not constitute a waiver or release of any rights of the city, and any transfer shall, by its terms, be expressly subordinate to the terms and conditions of the franchise.

h. Notwithstanding anything to the contrary in this section, the prior approval of the city shall not be required for any sale, assignment or transfer of a franchise agreement or cable system for cable television system usage to an entity controlling, controlled by or under the same common control as the grantee provided that the proposed assignee or transferee must show financial responsibility as may be determined necessary by the city and must agree in writing to comply with all provisions of the franchise agreement. (Ord. M-3371, 1998)