(A) Upon the foreclosure or other judicial sale of all or a substantial part of a system, or upon the termination of any lease covering all or a substantial part of the system, the grantee shall notify the City Clerk of such fact, and the notification shall be treated as a notification that a change in ownership of the grantee has taken place and the provisions of this chapter governing such changes shall apply.
(B) The city shall have the right to revoke a franchise 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 the receivership or trusteeship shall have been vacated prior to the expiration of the 120 days, or unless:
(1) Within 120 days after his election or appointment, the receiver or trustee shall have fully complied with the provisions of this chapter and the franchise and remedied all defaults thereunder; and
(2) The receiver or trustee, within the 120 days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of the franchise.
('83 Code, § 5.24.220) (Ord. 912, passed - -85)