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c) The City agrees that <br />the franchise or its assets for <br /> <br />any financial ~nstitution having a pledge of <br />the advancement of money for the constructio~ <br /> <br />and/or operation of the franchise shall have the right to notify the City tha~ <br />it or a designee satisfactory to the City will take control and operate the <br />Cable Television System. Further, said financial institution shall also submit <br />a plan for such operation that will insure continued service in compliance with <br />all franchise obligations during the term the financial institution exercises <br />control over the system. The financial institution shall not exercise contrcl <br />over the system for a period exceeding one year unless extended by the Council <br />at its discretion, and during said period of time it shall have the right to <br /> <br />petition the City to transfer the franchise to another company. If the City <br />finds th~ the legal, financial, character, technical and other public interest <br />qualities of the applicant are satisfactory and in the public interest, the <br />City will transfer and assign the rights and obligations of such franchise. The <br />consent of the City to transfer shall not be unreasonably withheld. <br /> <br /> d) The consent or approval of the City to any transfer of the Company <br />shall not constitute a waiver or release of the rights of the City in and to <br />the streets, and any transfer shall by its terms, be expressly subordinate to <br />the terms and conditions of this franchise. <br /> <br /> e) In the absence of extraordinary circumstances, the City will not <br />approve any transfer or assignment of the franchise prior to substantial com- <br />pletion of construction of the proposed system. <br /> <br /> f) In no event shall a transfer of <br />without the successor in interest becoming <br />agreement. <br /> <br />ownership or control be approved <br />a signatory to this franchise <br /> <br /> g) The parent corporation of the Company hereby agrees to guarantee <br />the performance of the Company under the terms and conditions of this ordinance <br />pursuant to the Guaranty Agreement attached hereto as Annex 1. <br /> <br />Section 10. Records, Reports and Maps <br /> <br /> a) REPORTS REQUIRED <br /> <br /> The Company shall file annually with the City Manager, no later <br />than One Hundred Twenty (120) days after the end of the Company's fiscal year: <br /> <br /> 1. A copy of a financial report applicable to the CATV <br /> System including an income statement applicable to its <br /> operations during the preceding twelve (12) month period, <br /> a balance sheet, and a statement of its properties devoted <br /> to CATV System operations, by categories, giving its <br /> <br /> 28 <br /> <br /> <br />