§ 11-2.20. Assignment or Transfer.

No transfer, assignment or lease of any franchise shall have any validity unless and until:

(a)

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.

(b)

An ordinance of the City consenting to such transfer, assignment or lease shall have been duly adopted and become effective.

(c)

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.

(d)

The transferee, assignee, lessee, or vendee shall duly execute and file in the office of the City Clerk of the City 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.

Provided, however, that the terms of the foregoing clauses (a), (b), (c) and (d) of this section shall not apply to any mortgage or deed of trust made in good faith by the grantee, or by any person under a transfer, assignment or lease made in full accordance with the provisions of this section; but the terms of said clauses (a), (c) and (d) shall apply and the terms of said clause (b) shall not apply to any buyer at a sale under any mortgage or deed of trust.

(Sec. 20, Ord. 1048-N.S.)