(A) Subject to applicable provisions of the United States Bankruptcy Code, any franchise shall, at the option of the city, cease and terminate 120 days after the appointment of a receiver or trustee to take over and conduct the business of grantee whether in a receivership, reorganization, bankruptcy or other action or proceeding unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days, or unless:
(1) Such receiver or trustee shall have, within 120 days after his/her election or appointment, fully complied with all terms of the franchise and remedied all breaches of the franchise or provided a plan for the remedy of such breaches which is approved in writing by the city; and,
(2) Such receiver or trustee shall, within said 120 days, execute an agreement duly approved by the Court having jurisdiction, whereby such receiver or trustee assumes and agrees to be bound by each and every term, provision and limitation of the franchise.
(B) Upon the foreclosure or other judicial sale of all or a substantial part of a cable system, grantee shall notify the City Clerk of such fact, and such notification shall be treated as a notification that a change in ownership of grantee has taken place and the provisions of this chapter governing such changes shall apply.
(Ord. 4315, passed 11-12-96)