AG 1998 02 16 - Laserfiche WebLink

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A. Right to Purchase of the System by the County. (2) (3) (4) (5) (I) Right to Purchase. At the expiration of any Franchise, for which Grantee has not requested renewal or upon lawful denial by Grantor of Grantee's right to renewal and the expiration or exhaustion by Grantee of all rights to appeal such denial of renewal, the Grantor may, in a lawful manner and upon the payment of fair market value, determined on the basis of the cable system valued as a going concern but with no value allocated to the Franchise itself, lawfully obtain, purchase, condemn, acquire, take over and hold the Cable Television System. Upon the lawful revocation of any Franchise granted under this Ordinance, the Grantor may, in a lawful manner, and upon the payment of an equitable price, lawfully obtain, purchase, condemn, acquire, take over and hold the Cable Television System. Date of Valuation. The date of valuation shall be no earlier than the day following the date of expiration or termination and no later than the date the County makes a fair and reasonable offer for the system or the date of transfer of ownership, whichever occurs first System Valuation. The value of the cable system shall be determined by a qualified appraiser mutually agreed upon by the Grantee and the County based upon the method indicated in A(1) above. In addition, no value shall be allowed for any increase in value arising out of any expectation or Cable Television System's revenues beyond the forfeiture and termination date or expiration date, whichever is sooner. Intent to Purchase. Upon receipt of notice of the County's intent to purchase the system at the value established above, the Grantee shall have thirty (30) days within which to accept that valuation as the purchase price of the system. In the event that purchase price is not acceptable, the parties shall have one hundred twenty (120) days in which to negotiate an acceptable purchase price. Transfer to County. Upon exercise of this option, and the payment of the agreed upon sum by the County and its service of official notice of such action upon the Grantee, the Grantee shall immediately transfer to the County possession and title to all facilities and property, real and personal, of the Cable Television System, free from any and all liens and encumbrances not agreed to be assumed by the County in lieu of some portion of the purchase price set forth above; and the Grantee shall execute such warranty, deeds or other instruments of conveyance to the County as shall be necessary for this purpose. 17