Any franchise granted shall, at the option of city, cease and terminate one hundred twenty (120) days after the appointment of a receiver or receivers or trustee or trustees to take over and conduct the business of franchisee whether in a receivership, reorganization, bankruptcy, or other action or proceeding unless such receivership or trusteeship shall have been vacated prior to the expiration of said me hundred twenty (120) days, or unless:
4.20.112.1.1. Such receivers or trustees shall have, within one hundred twenty (120) days after their election or appointment, fully complied with all the terms and provisions of the ordinance codified in this title and a franchise granted pursuant hereto, and the receivers or trustees within said one hundred twenty (120) days shall have remedied all defaults under the franchise; and,
4.20.112.1.2. Such receivers or trustees shall have, within one hundred twenty (120) days after their election or appointment, executed an agreement duly approved by the court having jurisdiction on the premises, whereby such receivers or trustees assume and agree to be bound by each and every term, provision, and limitation of the franchise agreement. (Ord. 205 § 3, 2001)