§ 12-177. Restrictions on assignment, transfer, sale, and subleasing.

(a)

The rights and privileges hereby granted are considered personal, and if the permittee sells, assigns, transfers, leases or pledges such rights or privileges, or both, in whole or in part, either directly or by operation of the law, then the city shall have the right to terminate any and all permits issued hereunder for no other cause. The city shall terminate such permits in writing, certified mail, return receipt requested, to the permittee, and such termination shall be effective sixty (60) days from such date of mailing. The rights and privileges hereby granted shall not be mortgaged or encumbered without the prior consent and approval of the city given by written resolution.

(b)

In addition to the provisions for termination provided for in subsection (a), the city shall have the right to terminate any and all permits issued hereunder upon any actual or pending change in, or transfer of, or acquisition by, any other party or control of permittee. The word "control," as used in this context, is not limited to major stockholders, but includes actual working control in whatever manner exercised. The permittee shall annually submit to the city a list of all shareholders and a list of all officers and directors. By acceptance of the permit, the permittee specifically agrees that any violation of this section shall, at the city's option, cause any and all permits granted the permittee under this division to be revoked.

(Ord. No. 11O-06-126, § 1, 6-27-11)