36.04A.290 Receivership and foreclosure.

(a)    At the option of the county, subject to applicable law, a franchise agreement may be revoked one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of grantee whether in a receivership, reorganization, bankruptcy or other action or proceeding unless:

(1)    The receivership or trusteeship is vacated within one hundred twenty (120) days of appointment; or

(2)    The receiver(s) or trustee(s) have, within one hundred twenty (120) days after their election or appointment, fully complied with all the terms and provisions of this agreement, and have remedied all defaults under the agreement. Additionally, the receiver(s) or trustee(s) shall have executed an agreement duly approved by the court having jurisdiction, by which the receiver(s) or trustee(s) assume and agree to be bound by each and every term and provision of the franchise agreement.

(b)    If there is a foreclosure or other involuntary sale of the whole or any part of the plant, property and equipment of grantee, the county may serve notice of revocation on grantee and to the purchaser at the sale, and the rights and privileges of grantee under a franchise agreement shall be revoked thirty (30) days after service of such notice, unless:

(1)    The county has approved the transfer of the agreement, in accordance with the procedures set forth in the franchise agreement and as provided by law; and

(2)    The purchaser has agreed with the county to assume and be bound by all of the terms and conditions of the franchise agreement. (Sec. 2 of Ord. 1998-12-21)