4.20.112.2 Foreclosure or other involuntary sale of any material property.

In the case of a foreclosure or other involuntary sale of any material property of franchisee, or any part thereof, city may serve notice of termination upon franchisee and to the purchaser at such sale, that the franchise and rights and privileges of franchisee shall cease and terminate thirty (30) days after service of such notice unless:

   4.20.112.2.1.   City has approved the transfer of the franchise, in accordance with the ordinance codified in this title; and

   4.20.112.2.2.   Such successful purchaser shall have covenanted and agreed with city to assume and be bound by all the terms and conditions of the franchise agreement and the ordinance codified in this title. (Ord. 205 § 3, 2001)