A. Foreclosure: Upon the foreclosure or other judicial sale of the system, the grantee shall notify the grantor of such fact and such notification shall be treated as a notification that a change in control of the grantee has taken place.
B. Receivership: The grantor shall have the right to cancel this franchise subject to any applicable provisions of state law, including the bankruptcy act, one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days, or unless:
1. Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have complied with all the material provisions of this franchise and remedied all defaults thereunder; and
2. Such receiver or trustee, within said one hundred twenty (120) days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this franchise. (Ord. 255, 10-6-2003)