(A) 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 licensee, 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 or her election or appointment, such receiver or trustee shall have fully complied with all the provisions of the franchise 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 franchise.
(B) In the case of a foreclosure or other judicial sale of the plant, property and equipment of the licensee, or any part thereof, the city may serve notice of termination upon the licensee and the successful bidder at such sale, in which event the franchise herein granted and all rights and privileges of the licensee hereunder shall cease and terminate 30 days after service of such notice, unless:
(1) The city shall have approved the transfer of this franchise; and
(2) Such successful bidder shall have covenanted and agreed with the city to assume and be bound by all terms and conditions of this franchise.
(2005 Code, § 13-407)