Laserfiche WebLink
<br />5. <br /> <br />6. <br /> <br />11. <br /> <br />such receivers or trustees within said one hundred twenty (120) days shall <br />have remedied all the defaults under the Franchise or provided a plan for <br />the remedy of such defaults which is satisfactory to the City; or <br /> <br />111. <br /> <br />such receivers or trustees shall, within said one hundred twenty (120) <br />days, have executed an agreement duly approved by the court having <br />jurisdiction whereby such receivers or trustees assume and agree to be <br />bound by each and every term, provision and limitation of the Franchise. <br /> <br />b. <br /> <br />In the case of a foreclosure or other judicial sale of the Cable System, in whole or <br />in part, the City may serve notice of revocation upon Grantee and the successful <br />bidder at such sale, and all rights and privileges of the Grantee hereunder shall be <br />revoked thirty (30) days after service of such notice, unless: <br /> <br />1. <br /> <br />City shall have approved the transfer of the Franchise, in the manner <br />provided by law; and <br /> <br />11. <br /> <br />the successful bidder shall have covenanted and agreed with City to <br />assume and be bound by all terms and conditions of the Franchise. <br /> <br />Removal After Abandonment. Termination or Forfeiture. <br /> <br />a. <br /> <br />In the event of termination or forfeiture of the Franchise or abandonment of the <br />System, City shall have the right to require Grantee to remove all or any portion <br />of the System from all Rights-of-Way and public property within City. <br /> <br />b. <br /> <br />If Grantee has failed to commence removal of System, or such part thereof as was <br />designated by City, within thirty (30) days after written notice of City's demand <br />for removal is given, or if Grantee has failed to complete such removal within <br />twelve (12) months after written notice of City's demand for removal is given, <br />City shall have the right to apply funds secured by the performance bond toward <br />removal and/or declare all right, title, and interest to the System to be in City with <br />all rights of ownership including, but not limited to, the right to operate the <br />System or transfer the System to another for operation by it. <br /> <br />Sale or Transfer of Franchise. <br /> <br />a. <br /> <br />Neither the Grantee nor any other Person may, sell, transfer or assign the Cable <br />System or the Franchise without the prior written consent of the City, which <br />consent shall not be unreasonably withheld. No change in control of the Grantee <br />shall take place without the prior written consent of the City, which consent shall <br />not be unreasonably withheld. The term "change of control" is not limited to <br />majority stock ownership, but includes actual working control in whatever <br />manner exercised. No consent shall be required, however, for (i) a transfer in <br />trust, by mortgage, hypothecation, or by assignment of any rights, title, or interest <br />of the Grantee in the Franchise or in the Cable System in order to secure <br /> <br />37 <br />