(1) In the case of a foreclosure or other judicial sale or termination of lease of the plant, property or equipment of the licensee, or any substantial part thereof, or any rights under the license agreement, the licensee shall serve written notice upon the city of any such event; and the city may serve written notice of termination upon the licensee and the successful bidder at such sale, in which event the license and the license agreement and all rights and privileges of the licensee thereunder shall cease and terminate thirty (30) days after service of such notice, unless:
(a) The mayor and council have approved the transfer of ownership of the license, in accordance with all pertinent provisions of section 7A-28 ("Transfers and Assignments"); and
(b) Such successful bidder shall have covenanted and agreed with the city, in writing in a form approved by the city attorney, to assume and be bound by all the terms and conditions of this chapter and the license agreement.
(2) The license shall terminate one hundred twenty (120) days after the appointment of a receiver, or trustee, to take over and conduct the business of the licensee, whether in receivership, reorganization, bankruptcy or other related action or proceeding.
(3) Failure to comply with the provisions of paragraph (1) of this section shall be deemed an unauthorized transfer pursuant to the provisions of section 7A-28 ("Transfers and Assignments").
(Ord. No. 8937, § 2, 9-2-97)