In addition to all other rights which the village has pursuant to law or equity, the village reserves the right to revoke, terminate or cancel the franchise and all rights and privileges pertaining thereto in the event that:
(a) The grantee violates any material provision of the franchise;
(b) The grantee practices any fraud upon the village; or
(c) The grantee becomes insolvent, unable or unwilling to pay its debts, or is adjudged bankrupt or a receiver is appointed to it.
(Ord. 9-97, passed 8-11-1997)