A. At the option of the grantor and subject to applicable law, a franchise granted hereunder may be revoked one hundred twenty days after appointment of a receiver(s) or trustee(s) to take over and conduct the business of grantee, whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless:
1. The receivership or trusteeship shall have been vacated within said one hundred twenty days; or
2. Such receivers or trustees within said one-hundred-twenty days shall have remedied all the defaults under the franchise or provided a plan for the remedy of such defaults which is satisfactory to the grantor, or
3. Such receivers or trustees shall, within said one hundred twenty days, have executed an agreement duly approved by the court having jurisdiction whereby such receivers or trustees assume and agree to be bound by each and every term, provision and limitation of the franchise.
B. In the case of a foreclosure or other judicial sale of the cable system, in whole or in part, the grantor may serve notice of revocation upon grantee and the successful bidder at such sale, and all rights and privileges of the grantee hereunder shall be revoked thirty days after service of such notice, unless:
1. A bona fide transfer request has been submitted by grantee for grantor review; or
2. Grantor shall have approved the transfer of the franchise, the manner provided by law; and
3. The successful bidder shall have covenanted and agreed with grantor to assume and be bound by all terms and conditions of the franchise. (Ord. 02-101 § 17(part), 2002).