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any portion of the System from all Rights-of-Way and public property <br /> within City. <br /> b. If Grantee has failed to commence removal of System, or such part thereof <br /> as was designated by City, within thirty (30) days after written notice of <br /> City's demand for removal is given, or if Grantee has failed to complete <br /> such removal within twelve (12) months after written notice of City's <br /> demand for removal is given, City shall have the right to apply funds <br /> secured by the Letter of Credit and Performance Bond toward removal <br /> and/or declare all right, title, and interest to the System to be in City with <br /> all rights of ownership including, but not limited to, the right to operate the <br /> System or transfer the System to another for operation by it. <br /> 5. Sale or Transfer of Franchise. <br /> a. No sale or transfer of the Franchise, or sale, transfer, or fundamental <br /> corporate change of or in Grantee, including, but not limited to, a <br /> fundamental corporate change in Grantee's parent corporation or any entity <br /> having a controlling interest in Grantee, the sale of a controlling interest in <br /> the Grantee's assets, a merger including the merger of a subsidiary and <br /> parent entity, consolidation, or the creation of a subsidiary or affiliate <br /> entity, shall take place until a written request has been filed with City <br /> requesting approval of the sale, transfer, or corporate change and such <br /> approval has been granted or deemed granted, provided, however, that said <br /> approval shall not be required where Grantee grants a security interest in <br /> its Franchise and/or assets to secure an indebtedness. <br /> b. Any sale, transfer, exchange or assignment of stock in Grantee, or <br /> Grantee's parent corporation or any other entity having a controlling <br /> interest in Grantee, so as to create a new controlling interest therein, shall <br /> be subject to the requirements of this Section 10.5. The term "controlling <br /> interest" as used herein is not limited to majority stock ownership, but <br /> includes actual working control in whatever manner exercised. In any <br /> event, as used herein, a new "controlling interest" shall be deemed to be <br /> created upon the acquisition through any transaction or group of <br /> transactions of a legal or beneficial interest of fifteen percent (15%) or <br /> more by one Person. Acquistion by one Person of an interest of five <br /> percent (5%) or more in a single transaction shall require notice to City. <br /> c. The Grantee shall file, in addition to all documents, forms and information <br /> required to be filed by applicable law, the following: <br /> 1. All contracts, agreements or other documents that constitute the <br /> proposed transaction and all exhibits, attachments, or other <br /> 28 <br />