27.330 Foreclosure, Receivership.

(1) Foreclosure. Upon the foreclosure or other judicial sale of all or a substantial part of a cable television system, or upon the termination of any lease covering all or a substantial part of a cable television system, a franchisee shall notify the City of such fact, and such notification shall be taken as a notification that a change in control of the franchisee has taken place, and the provisions of this chapter governing the consent of the City Council to such change in control of the franchisee shall apply.

(2) Receivership. The City Council shall have the right to cancel any franchise 120 days after the appointment of a receiver or trustee to take over and conduct the business of a franchise, whether in 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:

(a) Within 120 days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this chapter and remedied all defaults thereunder; and

(b) Such receiver or trustee, within said 120 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 granted to the franchisee and this chapter. Such agreement shall not jeopardize any other rights the City may have under this chapter.

[Prior code § 27.33]