(A) Upon the foreclosure or other judicial sale of all or a substantial part of the cable communications system, or upon the termination of any lease covering all or a substantial part of the system, the franchisee shall notify the City Council of such fact, an such notification shall be treated as a notification that a change in control of the franchisee has taken place and the provisions of this chapter governing the consent of the City Council to such change in control of the franchisee shall apply.
(B) The City Council 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 franchisee, 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 of appointment, such receiver or trustee shall have fully complied with all of the provisions of this chapter and the agreement and ordinance awarding a franchise hereunder.
(2) Such receiver or trustee, within said 120 days shall have executed an agreement, duly approved by the court having jurisdiction over same, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the agreement and ordinance awarding a franchise hereunder.
(Ord. 92-06, passed 12-17-92; Am. Ord. 93-01, passed 5-20-93)