(a) Upon the filing of any voluntary or involuntary petition under the Bankruptcy Act by or against the Permittee, or any action for foreclosure or other judicial sale of the Permittee's facilities located within the Rights-of-Way, the Permittee shall so notify the Director within fourteen (14) calendar days thereof and the Permittee's permit shall be deemed void and of no further force and effect.
(b) The City shall have the right to revoke, pursuant to the provisions of Section 911.13 of this chapter, 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 election or appointment, such receiver or trustee shall have fully complied with all the provisions of the relevant Right-of-Way Permit and of this Chapter and remedied all defaults thereunder; and,
(2) Said receiver or trustee, within said one hundred and twenty (120) days, shall have executed an agreement, duly approved by the Court having jurisdiction over the premises, whereby such receiver or trustee assumes and agrees to be hound by each and every provisions of the relevant Right- of-Way Permit and this chapter.
(Ord. 02-70(a). Passed 11-25-02.)