§ A235-18. Approval of transfer.

A. 

The grantee shall not sell or transfer its plant or cable television system to another, other than an affiliate, nor transfer any rights acquired under this chapter or specified in the franchise agreement to another without the Board's prior written approval, following a hearing. No sale or transfer of the grantee's assets in the performance of this franchise shall be effective until the vendee, assignee or lessee has filed with the office of the Township Secretary an instrument duly executed reciting the fact of such sale, assignment of lease, accepting the terms of the franchise agreement and agreeing to perform all of the terms and conditions thereof. The Board's approval shall not be unreasonably withheld and neither this section nor other sections of this chapter shall preclude the mortgaging, hypothecating or assigning of rights in the system or the pledge of stock by the grantee for the purpose of financing, provided that such mortgage, hypothecation or assignment is subordinate to the rights of the Township.

B. 

If a renewal of grantee's franchise is denied and the Township either acquires ownership of the cable television system or by its actions effects a transfer of ownership of the cable television system to another person or entity, any such acquisition or transfer shall be at fair market value, determined on the basis of cable television system valued as an on-going concern. If grantee's franchise is revoked for cause and the Township acquires ownership of the cable television system or by its actions effects a transfer of ownership of the cable television system to another person or entity, any such acquisition or transfer shall be at an equitable price. In the event of a revocation, at the grantee's request, which shall be made in its sole discretion, grantee shall be given a reasonable opportunity to effectuate a transfer of its cable television system to a qualified third person or entity reasonably acceptable to the Township at fair market value, determined on the basis of the cable television system valued as an on-going concern. Grantee shall notify Township of such election not later than 30 days after such revocation. Until consummation of such transfer, at the sole discretion of the Township, the grantee may continue to operate pursuant to the terms of its prior franchise, however, in no event shall such authorization exceed a period of time greater than six months from the effective date of such revocation. If, at the end of that time, grantee is unsuccessful in procuring a qualified transferee or assignee of its cable television system, which is reasonably acceptable to the Township, grantee and Township may avail themselves of any rights they may have pursuant to applicable law. Grantee's continued operation of its cable television system during the six month period shall not be deemed as a waiver, nor an extinguishment of any rights of either the Township or grantee.