Upon foreclosure or other judicial sale of the plant, property and equipment of the franchise or any part thereof, including or excluding this franchise, the Board of Commissioners or its designee may serve notice of termination upon the franchisee and the successful bidder at the sale, in which event the franchise granted and all rights and privileges of the franchisee thereunder shall cease and terminate 30 days after service of this notice, unless the Board of Commissioners shall have approved the transfer of the franchise, as and in the manner provided in this chapter; and the successful bidder shall have covenanted and agreed with the town to assume and be bound by all the terms and conditions of the franchise.
(1988 Code, § 111.32) (Ord. passed 10-2-1979)