Laserfiche WebLink
portion of the System from all Rights-of-Way and public property within the City, <br /> consistent with Section 3.8 (Removal of Facilities at Expiration of Franchise) <br /> herein. <br /> 10.4.2 If the Grantee has failed to commence removal of the System, or such part thereof <br /> as was designated by the City, within thirty (30) days after written notice of the <br /> City's demand for removal is given, or if the Grantee has failed to complete such <br /> removal within twelve (12) months after written notice of the City's demand for <br /> removal is given, the City shall have the right to apply funds secured by the Letter <br /> of Credit and Performance Bond toward removal and/or declare all right, title and <br /> interest to the System to be in the City with all rights of ownership including, but <br /> not limited to, the right to operate the System or transfer the System to another for <br /> operation by it. <br /> 10.5 Sale or Transfer of Franchise. <br /> 10.5.1 No sale or transfer of the Franchise, or sale, transfer or fundamental corporate <br /> change of or in Grantee, including, but not limited to, a fundamental corporate <br /> change in Grantee's parent corporation or any entity having a controlling interest <br /> in Grantee, the sale of a controlling interest in the Grantee's assets, a merger, <br /> including the merger of a subsidiary and parent entity, consolidation or the <br /> creation of a subsidiary or affiliate entity, shall take place until a written request <br /> has been filed with the City requesting approval of the sale, transfer or corporate <br /> change and such approval has been granted or deemed granted, provided, <br /> however, that said approval shall not be required where Grantee grants a security <br /> interest in its Franchise and/or assets to secure an indebtedness. Upon notice to <br /> the City, Grantee may undertake legal changes necessary to consolidate the <br /> corporate or partnership structures of its System provided there is no change in <br /> the controlling interests which could materially alter the financial responsibilities <br /> for the Grantee; provided however, Grantee must seek approval of any transaction <br /> constituting a transfer under state law. <br /> 10.5.2 Any sale, transfer, exchange or assignment of stock in Grantee, or Grantee's <br /> parent corporation or any other entity having a controlling interest in Grantee, so <br /> as to create a new controlling interest therein, shall be subject to the requirements <br /> of this Section 10.5. The term "controlling interest" as used herein is not limited <br /> to majority stock ownership, but includes actual working control in whatever <br /> manner exercised. <br /> 10.5.3 The Grantee shall file, in addition to all documents, forms and information <br /> required to be filed by applicable law, the following: <br /> 10.5.3.1 All contracts, agreements or other documents that constitute the <br /> proposed transaction and all exhibits, attachments or other documents <br /> referred to therein which are necessary in order to understand the <br /> terms thereof. <br /> 43 <br />