The Village shall have the right to cancel the contract 120 days after the appointment of a receiver, or trustee, to take over and conduct the business of the Company, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of such 120 days, or unless:
(a) Within 120 days after the election or appointment, such receiver or trustee shall have fully complied with all the provisions of the contract and remedied all defaults thereunder; and
(b) Such receiver or trustee, within 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 chapter and the contract granted to the Company.
(Ord. 12-83. Passed 2-15-83.)