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<br />.?? <br />..:.? <br />V. The GRANTEE shall notify tfie City and each Subscriber of all program <br />changes and changes in channel alignment a minimum of thirty (30) days prior to any <br />such changes. <br />SECTION X: <br />TRANSFER CONTROL AND/OR SALE OF SYSTEM <br />A No transfer of control or sale of the Franchise shall take place, whether <br />by forced or voluntary sale, lease, mortgage, assignment, encumbrance or any other <br />form of disposition, without prior notice to and approval by the North Olmsted City <br />Council which shall not be unreasonably refused. The notice shall include full <br />identifying particulars of the proposed transaction, and the North Olmsted City Council <br />shall act by resolution. The North Olmsted City Council shall have (120) one-hundred <br />and twenty days within which to approve or disapprove a transfer of control. If no <br />action is taken within such (120) one-hundred and finrenty days, approval shall be <br />deemed to have been granted unless the GRANTEE and the City mutually agree to an <br />extension of time. <br />B. The consent or approval of the North Olmsted Council to any <br />assignment, lease, transfer, sub-lease or mortgage of the GRANTEE shall not <br />constitute a waiver or release of the City in and to the streets. <br />C. For the purpose of this Section, the term "control" is not limited to <br />majority stock ownership, but includes actual working control in whatever manner <br />exercised. <br />D. A rebuttable presumption that a transfer of control has occurred shall <br />arise upon the acquisition or accumulation by any person or group of persons of ten <br />percent (10%) of the voting shares of the GRANTEE. <br />E. The Council reserves the right to review the purchase price of any <br />transfer or assignment of the system, and any assignee or transferee to this franchise <br />expressly agrees that any negotiated sale value which the North Olmsted City Council <br />deems unreasonable will not be considered in the rate base for any subsequent <br />request for rate increases. Reasonableness of purchase price shall be determined - <br />by taking into consideration the original cost of all tangible and intangible property, as <br />well as salvage value, book value, replacement value, cash flow, and other factors. <br />F. Notwithstanding anything to the contrary, no consent or approval by the <br />City shall be required for a transfer or assignment to any person or entity controlling, <br />controlled by or under the same common control as the GRANTEE. <br />21