The city shall have the right to cancel this 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 in any other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of the 120-day period, or unless:
(A) Within 120 days after his election or appointment, the receiver or trustee shall have fully complied with all provisions of this code and remedied all defaults thereunder; and
(B) The receiver or trustee, within 120 days, shall have executed an agreement, duly approved by the court having jurisdiction, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this franchise.
('77 Code, § 11.103(13)) (Am. Ord. 982, passed 11-9-81)