(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 Municipality of such fact and its permit shall be deemed void and of no further force and effect. 
   (b)   Receivership. The Municipality shall have the right to cancel any permit granted pursuant to this chapter, subject to any applicable provisions of law, including the Bankruptcy Act, 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 120 days, or unless: 
      (1)   Within 120 days after his or her 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 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.
(Ord. 97-01.  Passed 1-21-97.)