(a) Foreclosure. Upon the foreclosure or other judicial sale of the , grantee shall notify the
of such fact and such notification shall be treated as a notification that a change in control of grantee has taken place, and the provisions of this franchise governing the consent to transfer or change in ownership shall apply without regard to how such transfer or change in ownership occurred.
(b) Receivership. The
shall have the right to cancel this franchise subject to any applicable provisions of state law, including the Bankruptcy Act, 120
after the appointment of a receiver or trustee to take over and conduct the business of 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 120
, or unless:
(1) Within 120 after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this franchise and remedied all defaults thereunder; and
(2) Such receiver or trustee, within said 120 , 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. 2015-36, passed 11-16-2015)