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grantee to file such verified statement, or to pay said percentage~ at <br />the times or in the manner hereinbefore provided, shal 1 be grounds for <br />the declaration of a forfeiture of this franchise ~nd of all rights <br />thereunder. <br /> <br /> Section 10: ASSIGI$S~NT: Grantee shall not permit any right or <br />privilege granted by the franchise to be exercised by another~ nor shall <br />the franchise or any interest therein or any right or privilege thereunder <br />be in whole or in part sold, transferred~ leased~ assigned~ or disposed <br />of without the consent of the City expressed by resolution; provided, <br />however, that the provisions of the franchise shall not require any such <br />consent and no consent shall be required for any transfer by grantee in <br />trust or by way of mortgage or hypothecation covering all or any p~rt of <br />grantee's property~ which trans£er~ mortgage or hypothecation sh~ll be <br />for the pturpose of securing an indebtedness of grantee or for the purpose <br />of renewing, extending~ refunding~ retiring, paying or cancelling in <br />whole or in part ~uy such indebtedness at any time or From time to t~e. <br />Any such sale, lease~ assignmen% or other disposition of Franchise for <br /> <br />which consent of the City is required hereunder shall be evidenced by a <br /> of the Counci~. <br />duly executed instrument in writing Filed in the office of the ~ Clerk~ <br /> <br /> Section ll: ~DRFEITURE: In the event the grantee shall F~il <br /> <br />to keep, fulfill or perform any of the terms or conditions of the <br />franchise and shall Fail to remedy such default within thirty (30) days <br />after notice from the City~ the City Council may~ at its option exercised <br />by resolution or ordinance~ declare the franchise Forfeited. Upon <br />such declaration of forfeiture the franchise shall be deemed cancelled . <br />and ter~n~nated and all of the rights and privileges of the grantee under <br />the franchise sh~ 1 be deemed surrendered and terminated and the City <br />may thereafter exclude the grantee from further use of the public streets, <br />alleys~ and ways under the franchise. <br /> <br /> Section 12: LAWS: The work of constructing, maintaining, <br /> <br /> <br />