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<br />ARTICLE XIL <br />MISCELLANEOUS <br /> <br />SECTION 1. TRANSFER OF OWNERSHIP OR CONTROL <br /> <br />( <br /> <br />A. This Franchise shall not be assigned or transferred, either in <br />whole or in part, or leased, sublet, or mortgaged in any manner, <br />nor shall title thereto, either legal or equitable or any right, <br />interest, or property therein, pass to or vest in any person <br />without the prior written consent of City, which consent shall <br />not be unreasonably withheld. Further, Grantee shall not sell or <br />transfer any stock or ownership interest so as to create a new <br />controlling interest except with the consent of City, which <br />consent shall not be unreasonably withheld. The transfers <br />described in this paragraph shall, in the sole discretion of City, <br />be considered a sale or transfer of Franchise within the meaning <br />and intent in the following paragraph. <br /> <br />B. Any sale or transfer of Franchise, including a sale or transfer by <br />means of a fundamental corporate change, requires the written <br />approval of City. Any sale or transfer of Franchise shall be <br />subject to the provisions of Board rules prohibiting certain <br />ownership. The parties to the sale or transfer of Franchise shall <br />make a written request to City for its consent. City shall reply <br />in writing within 30 days of actual receipt of the request and <br />shall indicate its approval of the request for its determination <br />that a public hearing is necessary. City shall conduct a public <br />hearing on the request within 30 days of such determination if it <br />determines that a sale or transfer of Franchise may adversely <br />affect the Grantee's subscribers. <br /> <br />C. Unless otherwise already provided for by local law, notice of <br />any such hearing shall be given 14 days prior to the hearing by <br />publishing notice thereof once in a newspaper of general <br />circulation in the City. The notice shall contain the date, time, <br />and place of the hearing and shall briefly state the substance of <br />the action to be considered by City. <br /> <br />D. Within 30 days after the public hearing, City shall approve or <br />deny in writing the sale or transfer request. <br /> <br />( <br /> <br />E. <br /> <br />Any sale or transfer of Franchise, including a sale or transfer by <br />means of a fundamental corporate change, requires notification <br />to the Board by City. The notification shall be accompanied by <br />the written certification of the transferee that it meets all of <br />the requirements established by City for original Grantee <br />including but not limited to technical ability and financial <br />stability. City shall cause to be sent to the Board at Grantee's <br />expense a copy of all public documents related to sale or <br />transfer of the Franchise. <br /> <br />- 56 - <br />