Purchase of Cable System. (A) If at any time this Franchise is revoked, terminated, or not renewed upon expiration in accordance with the provisions of federal law, the City shall have the option to purchase the Cable System.
Purchase of Cable System. If at any time this Franchise is revoked, terminated, or not renewed upon expiration in accordance with the provisions of federal law, the Grantor shall have the option to purchase the Cable System in accordance with Sect. 627 of the Cable Act.
Purchase of Cable System. If at any time this Franchise is revoked, terminated, or not renewed upon expiration in accordance with the provisions of federal law, the Town shall have the option to purchase the Cable System. The Town may, at any time thereafter, offer in writing to purchase Grantee’s Cable System. Grantee shall have thirty (30) days from receipt of a written offer from the Town within which to accept or reject the offer. In any case where the Town elects to purchase the Cable System, the purchase shall be closed within one hundred twenty (120) days of the date of the Town’s audit of a current profit and loss statement of Grantee. The Town shall pay for the Cable System in cash or certified funds, and Grantee shall deliver appropriate bills of sale and other instruments of conveyance. For the purposes of this subsection, the price for the Cable System shall be determined as follows: In the case of the expiration of the Franchise without renewal, at fair market value determined on the basis of Grantee’s Cable System valued as a going concern, but with no value allocated to the Franchise itself In order to obtain the fair market value, this valuation shall be reduced by the amount of any lien, encumbrance, or other obligation of Grantee that the Town would assume. In the case of revocation for cause, the equitable price of Grantee’s Cable System.
