A. Revocation: The grantor reserves the right to revoke this franchise and all rights and privileges pertaining thereto, in the event that:
1. The grantee violates any provision of this franchise, except where such violation is immaterial, without fault, or through excusable neglect;
2. The grantee becomes insolvent, unable or unwilling to pay its debts, or is adjudged as bankrupt; or
3. The grantee intentionally evades any of the material provisions of this franchise, or is found to have practiced any fraud or deceit upon the grantor. Prior to any revocation proceedings under this section, the grantee shall be given ninety (90) days notice in writing, which notice shall state with particularity the grounds upon which the grantor relies.
B. Foreclosure: Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon the termination of any lease covering all or a substantial part of the system, the grantee shall notify the grantor of such fact, and such notification shall be treated as a notification that a change in control of the grantee has taken place, and the provisions of the section of this franchise entitled "receivership" shall apply.
C. Receivership: The grantor shall have the right to revoke this franchise one hundred twenty (120) days after 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 proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days or unless:
1. Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this franchise and remedied all defaults thereunder; and
2. Such receiver or trustee, within said one hundred twenty (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 franchise. (Ord. 468, 6-10-2003)