(A) The franchise herein granted shall, at the option of the Common Council or its designee, cease and terminate 90 days after the appointment of a receiver or receivers, or trustee or trustees, to take over and conduct the business of the franchisee, whether in a receivership, reorganization, bankrupt, or other action or proceeding, unless such receivership or trustee shall have vacated prior to the expiration of the 90 days, or unless:
(1) Such receivers or trustees shall have, within 90 days after their election or appointment, fully complied with all the terms and provisions of this chapter and the franchise granted pursuant hereto, and the receivers or trustees within the 90-day period shall have remedied all defaults under the franchise; and
(2) Such receivers or trustees shall, within the 90 days execute an agreement duly approved by the court having jurisdiction in the premises, whereby such receivers or trustees shall assume and agree to be bound by each and every term, provision and limitation of the franchise herein granted.
(B) In the case of a foreclosure or other judicial sale of the plant, property, and equipment of the franchisee, or any part thereof, including or excluding this franchise, the Common Council, or its designee, may serve notice of termination upon the franchisee and the successful bidder at such sale, in which event the franchise herein granted and all rights and privileges of franchisee hereunder shall cease and terminate 30 days after service of such notice; unless:
(1) The Common Council shall have approved the transfer of this franchise as and in the manner in this chapter provided; and
(2) Unless such successful bidder shall have covenanted and agreed with the city to assume and be bound by all the terms and conditions of this franchise.
(Ord. 2-1976, passed 8-2-76; Am. Ord. 3-1993, passed 4-19-93)