(A) The franchise shall, at the option of the town, cease and terminate 120 days after the appointment of a receiver or receivers, or trustee or trustees, to take over and conduct the business of the grantee, whether in a receivership, reorganization, bankruptcy, or other action or proceeding, unless the receivership or trusteeship shall have been vacated prior to the expiration of the 120 days, or unless:
(1) The receivers or trustees shall have, within 120 days after their election or appointment, fully complied with all the terms and provisions of this chapter and the franchise granted pursuant hereto, and the receivers or trustees, within the 120 days, shall have remedied all defaults under the franchise agreement; and
(2) The receivers or trustees shall, within the 120 days, execute an agreement, duly approved by the court having jurisdiction of the premises, whereby the receivers or trustees assume and agree to be bound by each and every term, provision, and limitation of this chapter and the franchise agreement.
(B) In the case of a foreclosure or other judicial sale of the plant, property, and equipment of the grantee of any part thereof, including or excluding the franchise, the town may serve notice of termination upon the grantee and the successful bidder at the sale, in which event the franchise and all rights and privileges of the grantee granted hereunder shall cease and terminate 30 days after service of the notice unless:
(1) The town shall have approved the transfer of the franchise in the manner this chapter provides; and
(2) The successful bidder shall have covenanted and agreed with the town to assume and be bound by all the terms and conditions of the franchise.
(Ord. passed 10-13-1998)