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Every change, transfer or acquisition of control of the franchisee shall make the franchise subject to cancellation unless and until the council shall have consented thereto. For the purpose of determining whether it shall consent to such change, transfer or acquisition of control, the council may inquire into the qualifica- tions of the prospective controlling party, and the franchisee shall assist the council in any such inquiry. If the council does not schedule a hearing on the matter within sixty (60) days after notice of the chan~e or proposed change and the filing of a peti- tion requesting its consent, it shall be deemed to have consented. In the event that the council adopts a resolutioh denying its con- sent and such change, transfer or acquisition of control has been effected~ the council may cancel the franchise unless control of the franchise is restored to its status prior to the changer or to a status acceptable to the council. (d) Nothing in this section shall be deemed to prohibit a mortgage or pledge of the system~or any part thereof, for financing purposes or otherwise° Any such mortgaged pledge or lease shall be subject ann subordinate to the rights of the city under this ordi- nance, or applicable law. Section 5A-!4. Right of city to purchase system° (a) In the event that the council revokes or terminates the franchise, pursuant to sections 5A-73 and 5A-74 of this ordi- nance, the city shall have the right to purchase the system at a price not to exceed its then book value (that is, original cost of the physical property less accumulated depreciation). The book value shall be determined by the city in accordance with generally accepted appraisal and accounting principles. Under no circumstances shall any valuation be made for "good will" or value of the franchise or any right or privilege ~ranted by this franchise. (b) The city shall have the right to purchase the system upon expiration of the franchise or any renewal thereof. The city may, during the fourteenth year of this franchise, initiate pro- cedures to determ!ne the advisability and feasibility of the purchase of the system by the city. Should the council decide to purchase the system, it shall do so at the then fair market value as deter- mined by generally accepted appraisal and accounting principles. Under no circu~stances shall any valuation be made for "good will" or value of the franchise or any right or privilege granted by this franchise. (c) In order that the city may freely exercise its right to purchase the system as set forth in subsections (a) and (b) above, the franchisee shall give notice to all parties with whom it con- tracts of the city's paramount right of purchase as set forth in