The franchise shall be a privilege to be held in personal trust by the grantee. Neither the franchise, the entity holding such franchise, nor more that ten percent of the assets of the cable system in the city can be sold or leased without the prior consent of the council expressed by resolution, which consent of the council shall not be unreasonably withheld; provided, however, that any proposed purchaser or lessee must demonstrate reasonable financial and technical ability to operate the cable system and must agree to comply with all provisions of this chapter. Any such transfer or assignment shall be made only by an instrument in writing, a duly executed copy of which shall be filed in the office of the city clerk within thirty days after such transfer or assignment. Notwithstanding anything to the contrary contained in this chapter, the city approves (A) the encumbrance of the franchise and the assets of the cable system and the hypothecation and assignment of the same for security purposes in connection with the financing and refinancing, from time to time, of the cable system, the grantee's operations and the franchise by the grantee, and (B) the transfer and assignment of the franchise from the grantee to an affiliate of grantee. (Ord. 93-03 §6 (part), 1993)