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No more than 49 percent of franchisee’s right, title, or interest in the franchise shall be sold, transferred, assigned or otherwise encumbered without the prior consent of Sierra County, such consent not to be unreasonably withheld. An application for consent to transfer shall contain the same information as is required for a new franchise and transferee shall be subject to the same terms and conditions as the transferor franchise. Written acknowledgment and acceptance of the terms of this franchise and chapter and proof of insurance shall be submitted prior to obtaining the resolution of consent.

No such consent shall be required, however, for a transfer in trust, by mortgage, by other hypothecation, or by assignment of any rights, title, or interest of franchisee in the franchise or cable system in order to secure indebtedness, but notice of such mortgage shall be provided to the Clerk-Recorder by the secured party taking any such hypothecation within 30 days of any such hypothecation. (Ord. 747, eff. 8/17/89; Ord. 483, eff. 2/3/77)