The village shall have the right to cancel a franchise 120 days after the appointment of a receiver, or trustee, to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of 120 days, or unless:
(A) Within 120 days after his or her election or appointment, such receiver or trustee shall have fully complied with all the provisions of this subchapter and remedied all defaults thereunder; and
(B) Such receiver or trustee, within the 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 subchapter and the franchise granted to the grantee.
(2000 Code, § 113.41) (Ord. 1678, passed 7-21-1997)