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5O5 reasonably related to the qualifications of the assignee and or related to the applicant's capability to meet the requirements of the Franchise and this Ordinance, and as the County may establish. B. Transfer Threshold. The Grantee shall promptly notify the County of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the Grantee. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the disposal by the Grantee, directly or indirectly, by gift, assignment, voluntary sale, merger, consolidation or otherwise, of twenty-five percent (25%) or more at one time of the ownership or controlling interest in the system, or fifty (50%) percent cumulatively over the term of the Franchise of such interests to a corporation, partnership, limited partnership, trust or association, or person or group of persons acting in concert. C. County Approval. Every change, transfer, or acquisition of control of the Grantee shall make the Franchise subject to cancellation unless and until the County shall have consented thereto, which consent will not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the County may inquire into the legal, financial, character, technical and other public interest qualifications of the prospective controlling party, and the Grantee shall assist the County in any such inquiry. Failure to provide all information reasonably requested by the County as part of said inquiry may be grounds for denial of the proposed change, transfer or acquisition of control as provided herein or by Federal laws and regulations. D. Assumption of Control. The County agrees that any financial institution having a pledge of the Franchise or its assets for the advancement of money for the construction and/or operation of the Franchise shall have the right to notify the County that it or its designees satisfactory to the County will take control and operate the cable television system. Further, said financial institution shall also submit a plan for such operation that will insure continued service and compliance with all Franchise obligations during the term the financial institution exercises control over the system. The financial institution shall not exercise control over the system for a period exceeding one year, unless extended by the County at its discretion and during said period of time it shall have the right to petition for transfer of the Franchise to another Grantee. If the County finds that such transfer, after considering the legal, financial, character, technical and other public interest qualifications of the applicant are satisfactory, the County will transfer and assign the rights and obligations of such Franchise as in the public interest. The consent of the County to such transfer shall not be unreasonably withheld. E. No Waiver of County Property Rights. The consent or approval of the County to any transfer of the Grantee shall not constitute a waiver or release of the rights of the County in and to the streets, and any transfer shall, by its terms, be expressly subject to the terms and conditions of this Ordinance and the Franchise. F. Transfer Time Periods. In the absence of extraordinary circumstances, the County will not approve any transfer or assignment of the Franchise prior to completion of initial construction of the proposed system. G. Signatory Requirement. Any approval by the County of transfer of ownership or control shall be contingent upon the prospective controlling party becoming a signatory to the Franchise. H. Time Frame for County Review. The County shall have 60 days to act upon any request for approval of such sale or transfer that contains or is accompanied by such information as is required in accordance with FCC regulations. If the County fails to render a final decision on the request within 60 days, such request shall be deemed granted unless the requesting party and the County agree to an extension of time. I. Pro Forma Transfers. Notwithstanding anything to the contrary, no consent from the Grantor shall be required for a transfer or assignment to an entity under common control with Grantee provided that prior to such transfer, Grantee provides to the County verifiable information to establish that such transferee under common control has the financial, legal and technical ability to fully perform all obligations of the Franchise. 4.13 FRANCHISE RENEWAL. A. Renewal Discretionary. Upon completion of the term of any Franchise granted under this Ordinance, the County may in its sole discretion grant or deny renewal of the Franchise of the Grantee in accordance with the provisions of the Cable Act. The Grantee shall own the cable television system, but shall have no property right in the public rights of way upon the completion of the Franchise term.