The franchise shall, at the option of the Board of Commissioners or its designee, 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 franchisee, 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 120 days or unless:
(A) The receiver or trustee shall have, within 120 days after his or her election or appointment, fully complied with all the terms and provisions of this chapter and the franchise granted pursuant thereto and the receiver or trustee within the 120 days shall have remedied all defaults under the franchise; and
(B) The receiver or trustee shall, within 120 days, have executed an agreement duly approved by the court having jurisdiction in the premises, whereby the receiver or trustee assumes and agrees to be bound by each and every term, provision and limitation of the franchise.
(1988 Code, § 111.31) (Ord. passed 10-2-1979) Penalty, see § 10.99