A. Foreclosure: Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon termination of any lease covering all or a substantial part of the system, the operator shall notify the City of such fact. Such notification shall be treated as a notification that a change in control of the operator has taken place, and the provision of Section 19-1-21 (Transfers and Assignments) of this Chapter, governing the consent of the City to such change in control of the operator shall apply.
B. Receivership: The City shall have the right to cancel any franchise granted hereunder one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the operator, whether in receivership, reorganization, trusteeship, bankruptcy, or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of 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 fully complied with all provisions of this Chapter and remedied all defaults of the franchise agreement; and
2. Such receiver or trustee, within one hundred twenty (120) days shall have executed an agreement, duly approved by a court of competent jurisdiction, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this Chapter and the franchise agreement. (Ord. 90-85)