9.60.150 Assignment, transfer or lease--Procedures required.
A. No transfer, assignment or lease of any franchise shall have any validity unless and until:
1. The grantee shall have duly executed a good and sufficient instrument making such transfer, assignment or lease, and a duplicate original thereof shall have been filed in the office of the City Clerk.
2. An ordinance of the City consenting to such transfer, assignment or lease shall have been duly adopted and become effective. Any such consent of the City Council shall be subject to such terms and conditions as may be prescribed by the council.
3. The transferee, assignee, lessee or vendee shall duly execute and file in the office of the City Clerk a good and sufficient instrument accepting such transfer, assignment or lease, assuming all the obligations of the grantee under the franchise.
4. The transferee, assignee, lessee or vendee shall duly execute and file in the office of the City Clerk a good and sufficient instrument surrendering to the City all franchises, rights and privileges which the transferee, assignee, lessee or vendee would have been required to surrender under the provisions thereof if such transferee, assignee, lessee or vendee had been the original grantee thereof.
B. Provided, however, that the terms of the foregoing subsection A of this section shall not apply to any mortgage or deed of trust made in good faith by the grantee, or by any person, firm or corporation under a transfer, assignment or lease made in full accordance with the provisions of this section; but the terms of subdivisions 1, 2, and 4 or subsection A above shall apply and the terms of subdivision A.2 shall not apply to any buyer at a sale under any mortgage or deed of trust.
C. As used in this section, the term "transfer" includes sale, or other disposition, either in whole or in part, whether by forced sale, merger, consolidation, bankruptcy, reorganization under bankruptcy laws or otherwise. (Ord. 6517-NS § 1, 1999)