(A) Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon the termination of any lease covering all or a substantial part of the system, the franchisee shall notify the city of such foreclosure. Franchisee's notification shall be treated as a notification that a change in control of the franchisee has taken place, and the provisions of this chapter governing the consent of the city to such change in control of the franchisee shall apply.
(B) The city shall have the right to cancel the franchise one hundred and twenty (120) days after the appointment of a receiver, or trustee, to take over and conduct the business of the franchisee, 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 and twenty (120) days, or unless:
(1) Within one hundred and twenty (120) days after his or her election of appointment, the receiver or trustee shall have fully complied with all of the provisions of this chapter and the agreement and ordinance awarding a franchise hereunder, and remedied all defaults thereunder; and
(2) Such receiver or trustee, within said one hundred and twenty (120) days shall have executed an agreement, duly approved by the court having jurisdiction over same, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the agreement and ordinance awarding a franchise hereunder.
(Ord. 2022-1831, passed 9-8-22)