711.14 FORECLOSURE, INSOLVENCY OR DEFAULT.

   Upon the foreclosure or other judicial sale of the Permittee's facilities located within the right-of-way, the Permittee shall notify the Municipality of such fact and its Permit shall be deemed void and of no further force or effect, except where foreclosure or judicial sale is to protect a security interest of a lender, in which case a lender may take over a Permit upon the completion of an agreement with the Municipality, said agreement being made by the Municipality in its sole discretion, to fulfill the Permit terms and conditions. The Municipality shall have the right to cancel any Permit granted pursuant to this chapter subject to any applicable provisions of law, including the Bankruptcy Act, one hundred twenty (120) days after 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 one hundred twenty (120) days, or unless:

    (a)    Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this chapter and the relevant Permit, and remedied all defaults thereunder, and

   (b)    Such receiver or trustee within one hundred twenty (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 this chapter and the relevant Permit.

      (Ord. 5-2003. Passed 3-13-03.)