§ 4. Assignments.

That the right, privilege, authority, consent, and franchise hereby granted may be exercised by the corporation or any successors or assigns of the corporation, and may be assigned, mortgaged or conveyed in trust by the corporation as security for any bonds or other obligations thereafter issued by it, all subject nevertheless to the conditions and obligations herein contained and subject to the prior written consent by resolution of the city council of the, City of Hoover to such assignment, mortgage or conveyance by the corporation. If the city elects not to assent to such assignment, then the city, in its sole and exclusive discretion and at its option and election, hereby reserves and shall have the right, power and authority to cancel and terminate this franchise agreement. Any failure on the part of the city to exercise this right of cancellation shall not thereafter be construed as a waiver of such right, but such right may be exercised at any other time or times during the term of this franchise agreement.

(Ord. No. 09-2182, § 1.D, 12-21-09)