(a) Foreclosure. Upon the foreclosure or other judicial sale of the Cable System, an Operator shall promptly notify the Village of such fact and such notification shall be treated as a notification that the Franchise has been transferred and Section 955.14(b) of this Chapter shall apply without regard to how such transfer occurred.
(b) Receivership. The Village has the right to cancel an Operator’s Franchise Agreement and revoke the Franchise, subject to any applicable provisions of federal and state law, including the Bankruptcy Code, one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the Operator, 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:
(1) Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of the Operator’s Franchise and remedied all defaults thereunder; and,
(2) Such receiver or trustee, within said 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 the Operator’s Franchise.
(Ord. 2001-109. Passed 11-13-01.)