<div class="chunk-title">Sec. 20-37. - Receivership and foreclosure.</div>
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            <p class="incr0">
               (a)
               
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               <span class="ital">Termination by insolvency.</span> The franchise granted hereunder shall, at the option of the county, cease and terminate
               120 days after the appointment of a receiver or receivers or trustee or trustees to
               take over and conduct the business of the grantee whether in a receivership, reorganization,
               bankruptcy or other action or proceeding unless such receivership or trusteeship shall
               have been vacated prior to the expiration of said 120 days, or unless:
               
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               (1)
               
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               Such receivers or trustees shall have, within 120 days after their election or appointment,
               fully complied with all the terms and provisions of this chapter and the franchise
               granted pursuant hereto, and the receivers or trustees within said 120 days shall
               have remedied all defaults under the franchise; and
               
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               (2)
               
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               Such receivers, or trustees shall, within said 120 days, execute an agreement duly
               approved by the court having jurisdiction in the premises, whereby such receivers
               or trustees assume and agree to be bound by each and every term, provision and limitation
               of the franchise herein granted.
               
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               (b)
               
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               <span class="ital">Termination by judicial action.</span> In the case of a foreclosure or other judicial sale of the plant, property and equipment
               of the grantee or any part thereof, including or excluding the franchise, the county
               may serve notice of termination upon the grantee and the successful bidder at such
               sale, in which event the franchise and all rights and privileges of the grantee granted
               hereunder shall cease and terminate 30 days after service of such notice, unless:
               
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               (1)
               
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               The county shall have approved the transfer of the franchise, in the manner this chapter
               provides, and
               
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               (2)
               
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               Such successful bidder shall have covenanted and agreed with the county to assume
               and be bound by all the terms and conditions of the franchise.
               
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            <p class="historynote0">
               (Ord. No. 1998-05, art. IV, Â§ 4.17, 2-16-98)
               
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