(a) Upon the foreclosure or other judicial sale of the cable communications system, or upon the termination of any lease covering the cable communications system, grantee shall notify the city clerk of such fact, and such notification shall be treated as a notification that a change in control of grantee has taken place and provisions of this chapter governing the consent of the council to such change in control of grantee shall apply.
(b) The city shall have the right to revoke the franchise one hundred twenty days after the appointment of a receiver, or trustee, to take over and conduct the business of 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 one hundred twenty days, or unless:
(1) Within one hundred twenty days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of the franchise and remedied all defaults thereunder; and
(2) Such receiver or trustee, within one hundred twenty 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 the franchise. (Ord. No. 1097, § 1 (part).)