(A) The franchise granted hereunder shall, at the option of the county, cease and terminate 120 days after the appointment of a receiver or receivers or trustee or trustees to take over and conduct the business of the grantee whether in a 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) The receivers or trustees shall have, within 120 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 120 days, shall have remedied all defaults under the franchise; and
(2) The receivers or trustees shall, within the 120 days, execute an agreement duly approved by the court having jurisdiction in the premises, whereby the receivers or trustees assume and agree to be bound by each and every term, provision and condition of the franchise herein granted.
(B) In the case of a foreclosure or other judicial sale of the plant, property and equipment of the grantee or any part thereof, including or excluding the franchise, the county may serve notice of termination upon the grantee and the successful bidder at the sale, in which event the franchise and all rights and privileges of the grantee granted hereunder shall cease and terminate 30 days after service of the notice unless:
(1) The county shall have approved the transfer of the franchise as provided by this chapter; and
(2) The successful bidder shall have covenanted and agreed with the county to assume and be bound by every term, provision and condition of the franchise herein granted.
(Ord. passed 10-19-98)