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(3) Grantee shall notify Grantor in wdting of any foreclosure or any other <br />judicial sale of all or a substantial part of the Franchise property of the Grantee or upon <br />the termination of any lease or interest covedng all or a substantial part of said <br />Franchise property. Such notification shall be considered by Grantor as notice that a <br />change in control of ownership of the Franchise has taken place and the provisions <br />under this Section governing the consent of Grantor to such change in control of <br />ownership shall apply. <br /> <br /> (4) For the purpose of determining whether it shall consent to such change, <br />transfer, or acquisition of control, Grantor may inquire into the qualifications of the <br />prospective transferee or controlling party, and Grantee shall assist Grantor in such <br />inquiry. In seeking Grantor's consent to any change of ownership or control, Grantee <br />shall have the responsibility of insuring that the Grantee and/or the proposed transferee <br />complete an application in accordance with Federal Communications Commission <br />Form 394 or equivalent. Grantor may require Grantee to submit such additional <br />information as the Grantor may reasonably require to determine that the proposed <br />transferee possesses the legal, technical and financial qualifications, or that Grantee is <br />in compliance with all substantive Franchise requirements. An application shall be <br />submitted to Grantor not less than one hundred twenty (120) days prior to the proposed <br />date of transfer. If the legal, technical and financial qualifications of the applicant are <br />determined by the Grantor to be satisfactory, and if Grantor determines that Grantee is <br />in compliance with all substantive Franchise requirements, the Grantor shall consent to <br />the transfer of the Franchise. If the Grantor has not taken action on the Grantee's <br />request for transfer within one hundred twenty (120) days after receiving FCC Form <br />394 or equivalent, Grantor's consent to such transfer shall be deemed given. The <br />consent of the Grantor to such transfer shall not be unreasonably denied or delayed. <br />Grantor does not waive any lawful authority it may have to impose conditions on the <br />transfer. <br /> <br />8 <br /> <br /> <br />