§ 18. Right to purchase.

In the event of lawful revocation of this franchise or renewal franchise or foreclosure of other judicial sale of the system or upon termination of the franchise term or renewal term, by issuance of a written exercise of its option hereunder, City shall have the right to purchase the Cable System at its fair market value as a going concern, but with no value allocated to the franchise itself. If City and Company cannot agree on the fair market value within three (3) months of notification by City to Company of its desire to purchase the cable system, each shall designate an appraiser, and the two (2) appraisers shall choose a third. The three (3) appraisers shall make a single determination of fair market value which shall be binding on the parties, except that City may withdraw its offer to purchase the Cable System if the appraised price is deemed unacceptable.

If City elects to purchase the system, Company shall promptly execute all appropriate documents to transfer title to City, and shall assign all other contracts, leases, licenses, permits, and any other rights necessary to maintain continuity of service to the public, subject to the terms and provided such contracts, leases, licenses, permits, and other rights are assignable. Company shall cooperate with City or such agency or person authorized or directed by City to operate the system for a temporary period, in maintaining the continuity of service. Nothing herein is intended as a waiver of any rights either Company or City may have at law.