The city shall have the right to cancel this franchise 120 days after the appointment of a receiver or trustee, to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy or other action or proceedings, unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days, or less:
(A) Within 120 days after being elected or appointed, such receiver or trustee shall have fully complied with all provisions of this chapter and remedied all defaults thereunder; and
(B) Shall have executed an agreement, approved by the court having jurisdiction, whereby such receiver or trustee agrees to be bound by this chapter and the franchise granted to the grantee.
(2011 Code, Ch. 43, Art. 5, § 7.5)