(a) Foreclosure. Upon the foreclosure or other judicial sale of the Permittee's facilities located within the Right of Way, the Permittee shall notify the City of such fact and its Permit shall be deemed void and of no further force and effect.
(b) Receivership. The City shall have the right to cancel any Permit granted pursuant to this Chapter subject to any applicable provisions of law, including the Bankruptcy Act, one hundred and twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the Permittee 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 and twenty (120) days, or unless:
(1) Within one hundred and twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this Chapter and the relevant Permit and remedied all defaults thereunder; and
(2) Such receiver or trustee, within said one hundred and 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 Chapter and the relevant Permit.