2. Franchising Authority does hereby consent to the transfer of the
Franchise and all of Franchisee's rights, powers and privileges under the
Franchise from Franchisee to Renaissance.
3. The foregoing consent to the transfer and assignment of the Franchise
shall be effective upon the consummation of the transfer of the assets of the
System by Franchisee to Renaissance, at which time Franchising Authority shall
automatically release Franchisee and its predecessors from al obligations and
liabilities under the Franchise that relate to periods from and after such date.
Notice of the date of such consummation shall be given to Franchising Authority.
4. Franchising Authority hereby consents to a transfer of the Franchise or
control related thereto to any entity controlling, controlled by or under
common control with Renaissance.
5. Renaissance is authorized to pledge, mortgage, transfer in trust and
otherwise hypothecate the property and assets used or held for use in
connection with the ownership and operation of the System, including the
Franchise, and the parties owning or controlling Renaissance are authorized to
pledge, mortgage, transfer in trust an otherwise hypothecate their equity
interest in Renaissance as collateral security for such loans and financing (or
for guarantees of such loans and financing) as may be incurred or assumed by
Renaissance from time to time in connection with the ownership and operation of
6. Franchising Authority hereby confirms that, to its knowledge: (a) the
Franchise is currently in full force and effect and expires on May 6, 2003; (b)
Franchise is currently the valid holder and authorized grantee of the Franchise;
(c) Franchisee is in compliance in all material respects with the Franchise; and
(d) no event has occurred or exists that would constitute a default under the
Franchise or that would permit Franchising Authority to revoke or terminate the
Franchise. Subject to compliance with the terms of this Resolution, all action
necessary to approve the transfer of the Franchise to Renaissance has been duly
and validly taken.
Adopted by the City of Selmer, Tennessee on this 10th day of March, 1998.
ATTEST /s/ /s/