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• right to object, or has effectively acquiesced. E. The Company is expressly reserved its rights of appeal under federal and state law. In addition to such rights, this Franchise shall remain in effect at all times during which a renewal proceeding or appeal remains pending. F. Notwithstanding the provisions of subsections A through E of this section, the Company may submit a proposal for the renewal of Franchise, and City may, after affording the public adequate notice and opportunity for comment, grant or deny such proposal at any time (including after proceedings pursuant to this section have commenced). The denial of a renewal pursuant to this subsection shall not affect action on a renewal proposal that is submitted in accordance with subsections A through E. Section 5-7. Sale of System Upon Non -Renewal. The City shall have no absolute right under the franchise to acquire ownership of the system, but may acquire ownership in the event of a negotiated sale, or lawful condemnation. If the franchise is terminated for cause, and the City acquires ownership of the system or effects a transfer of the system to a third party, the Company shall be entitled to an equitable price to be determined by agreement, or by a court of appropriate jurisdiction . if the parties cannot agree. If a renewal is denied by the City, and the City acquires ownership of the system or effects a transfer of the system to a third party, the Company shall be entitled to fair market value of the system, determined on the basis of the cable system valued as a going concern but with no value allocated to the franchise itself. • Section 5-8. Entire Agreement. This franchise ordinance and the items in the Company's proposal to the City dated March 1, 1985 specifically referred to herein constitute the entire understanding and agreement between the City and the Company with respect to the subject matter hereof. It supersedes all prior oral negotiations or agreements between the parties. Section 5-9. Modifications and Amendments. The provisions of this franchise may be modified at any time during its term only by the adoption by the Company and the City of written amendments to this ordinance. Each agrees to act on any amendment requested by the other within 120 days of receipt of notice of the request, unless they mutually agree to extend the time for a response. The provisions of this franchise may be modified pursuant to Section 625 of the Act and by mutual agreement of the parties. -25-