A. Upon the foreclosure or other judicial sale of all or a substantial part of the cable television system, or upon the termination of any lease covering all or a substantial part of the cable television system, the grantee shall notify the city clerk of such fact, and such notification shall be treated as a notification that a change in control of the grantee has taken place and the provisions of this chapter governing the consent of the council to such change in control of the 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 the grantee, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship has been vacated prior to the expiration of said one hundred twenty days, or unless:
1. Within one hundred twenty days after the receiver's election or appointment, such receiver or trustee has fully complied with all the provisions of the franchise and remedied all defaults thereunder;
2. Such receiver or trustee, within said one hundred twenty days, has 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. (Prior code § 7-24)