(a) Upon the foreclosure or other judicial sale of the permittee's facilities located within the right-of-way, the permittee shall notify the Director of Public Service or his/her designee of such fact and its permit shall be deemed void and of no further force and effect.
(b) The City shall have the right to revoke, pursuant to the provisions of Section 1026.14, any right-of-way permit granted pursuant to this chapter, subject to any applicable provisions of law, including the Bankruptcy Act, 120 days after the appointment of a receiver or trustee to take over and conduct the business of the permittee, 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 days, or unless:
(1) Within 120 days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of the relevant right-of-way permit and of this chapter and remedied all defaults thereunder; and,
(2) Such receiver or trustee, within said 120 days, 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 the relevant right-of-way permit and this chapter.
(Ord. 2016-080. Passed 10-17-16; Ord. 2018-029A. Passed 7-16-18.)