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12.02 Sale or Transfer of Franchise. <br /> <br /> A. This Franchise or the System hereunder shall not <br />be sold, assigned or transferred, either in whole or in <br />part, or leased or sublet in any manner, nor shall title <br />thereto, either legal or equitable, or any right, interest <br />or property therein, pass to or vest in any person without <br />full compliance with the procedure set forth in this <br />Section. <br /> <br /> B. The provisions of this Section shall apply to the <br />sale or transfer of all or a majority of Grantee's assets, <br />merger (including any parent and its subsidiary <br />corporation), consolidation, creation of a subsidiary <br />corporation or sale or transfer of stock in Grantee so as <br />to create a new controlling interest in the System. The <br />term "controlling interest" as used herein is not limited <br />to majority stock ownership, but includes actual working <br />control in whatever manner exercised. <br /> <br /> 1. The parties to the sale or transfer shall <br /> make a written request to the City for its approval of <br /> a sale or transfer. <br /> <br /> 2. The City shall reply in writing within <br /> thirty (30) days of the request and shall indicate <br /> approval of the request or its determination that a <br /> public hearing is necessary due to potential adverse <br /> effect on Grantee's subscribers. <br /> <br />-36- <br /> <br /> <br />