§ 12-98. Conditions of sale.

(a)

If a renewal or extension of the grantee's franchise is denied or the franchise is lawfully terminated, and the franchising authority either lawfully acquires ownership of the cable system or by its actions lawfully effects a transfer of ownership of the cable system to another party, any such acquisition or transfer shall be at the price determined pursuant to the provisions set forth in section 627 of the Cable Act.

(b)

The grantee and the franchising authority agree that in the case of a final determination of a lawful revocation of the franchise, the grantee shall be given at least 12 months to effectuate a transfer of its cable system to a qualified third party. Furthermore, the grantee shall be authorized to continue to operate pursuant to the terms of its prior franchise during this period. If, at the end of that time, the grantee is unsuccessful in procuring a qualified transferee or assignee of its cable system which is reasonably acceptable to the franchising authority, the grantee and the franchising authority may avail themselves of any rights they may have pursuant to federal or state law. It is further agreed that the grantee's continued operation of the cable system during the 12-month period shall not be deemed to be a waiver nor an extinguishment of any rights of either the franchising authority or the grantee.

(Prior Code, § 155.21)