(A) Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon the termination of any lease covering all or a substantial part of the system, the franchise shall notify Louisville Metro of such foreclosure. Franchisee's 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 Louisville Metro to such change in control of the franchisee shall apply.
(B) Louisville Metro shall have the right to cancel the 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 or her election of appointment, the receiver or trustee shall have fully complied with all of the provisions of this chapter and the agreement and ordinance awarding a franchise hereunder, 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 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.
(Lou. Metro Ord. No. 77-2018, approved 5-29-2018)