§ 14. RECEIVERSHIP AND FORECLOSURE.

(a)

The franchise shall, at the option of the City, cease and terminate one hundred twenty (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 one hundred twenty (120) days, or unless:

(1)

Such receiver or trustees shall have, within one hundred twenty (120) days after their election or appointment, fully complied with all the terms and provisions of this franchise and the franchise granted pursuant hereto, and the receivers or trustees, within said one hundred twenty (120) days, shall have remedied all defaults under the franchise agreement; and

(2)

Such receivers or trustees shall, within said one hundred twenty (120) days, execute an agreement, duly approved by the court having jurisdiction of the premises, whereby such receivers or trustees assume and agree to be bound by each and every term, provisions and limitations of this franchise and the franchise agreement.

(b)

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 City 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 hereunder shall cease and terminate thirty (30) days after service of such notice unless:

(1)

The City shall have approved the transfer of the franchise in the manner this franchise provides, and

(2)

Such successful bidder shall have covenanted and agreed with the City to assume and be bound by all terms and conditions of the franchise.