Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />conditions contained in this Resolution have been met to the sole <br />satisfaction of Commission and subject to an actual closing of <br />the transaction on or before August 31, 1990 pursuant to the <br />terms and conditions as evidenced by the information submitted by <br />Jones and FBN to the City. <br /> <br />2. The Ordinance requires that Jones give notice to the <br />City prior to any assignment or transfer of such Ordinance and <br />give the City the right under certain circumstances to purchase <br />the System. The City hereby waives its right to purchase the <br />System arising as a result of any assignment and transfer of the <br />Ordinance from Jones to FBN. Pursuant to and consistent with the <br />terms and conditions of the Ordinance, FBN shall have the <br />authority to pledge and collaterally assign, and to grant a <br />security interest and lien with respect to, the Ordinance and <br />System to any lender of FBN as security for payment of the debts <br />of FBN, and any such lender shall be entitled to all of the <br />rights of a secured party under the Uniform Commercial Code of <br />the State of ;~innesota_ <br /> <br />."- <br /> <br />3. That the City consents to and approves the transfer of <br />the System and transfer of the Ordinance from Jones to FBN <br />subject to the following conditions: <br /> <br />a. An actual closing of the transaction occur on or <br />before August 31, 1990, pursuant to the terms and conditions <br />as evidenced by the information submitted by Jones and FBN to <br />the City. <br /> <br />b. FBN shall accept the Ordinance by giving written <br />notice of acceptance to the City and thereby agreeing to <br />perform all of the terms and conditions of the Ordinance, <br />within thirty (30) days of such transfer and assignment, <br />unless the time for acceptance is extended by the City. <br /> <br />c. . With its acceptance, FBN shall furnish to the City <br />and in accordance with the requirements of the Ordinance, the <br />performance bond, evidence of insurance, letter of credit, <br />and such other items required by the Ordinance. <br /> <br />d. Within thirty (30) days of such transfer and <br />assignment, City shall receive a guarantee of performance of <br />the Ordinance obligations from Naragansett Minnesota Cable <br />Management Corporation and NW Minnesota Communications <br />General Partnership. <br /> <br />e. FBN shall agree that the remaining provisions of <br />the Ordinance remain in full force and effect following the <br />completion of the transfer and assignment, provided, however, <br />that the Ordinance requirements for the implementation of <br />Regional Channel 6 shall be held in abeyance for two years <br />following the effective transfer of ownership, at which time <br /> <br />-2- <br />