Apart from and supplemental to the right to revoke a franchise, grantor shall have the right to cancel a franchise agreement 120 days after the appointment of a receiver or trustee to take over and conduct the business of a 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 120 days, or unless:
   (A)   Within 120 days after its election or appointment, the receiver or trustee has fully complied with all the provisions of grantee’s franchise agreement and this chapter and remedied all defaults thereunder; and
   (B)   Such receiver or trustee, within said 120 days, has executed an agreement, duly approved by a court having jurisdiction, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the applicable franchise agreement.
(Ord. 1497, passed 2-22-06)