Upon the foreclosure or other judicial sale
of the cable system, franchisee shall notify the township of such
fact, and such notification shall be treated as notification that
a change in control of franchisee has taken place.
The township shall have the right to cancel
the franchise agreement subject to any applicable provisions of state
law, including the Bankruptcy Act, 120 days after the appointment
of a receiver or trustee to take over the conduct of the business
of the franchisee, whether in receivership, reorganization, bankruptcy
or other action or proceedings, unless such receivership or trusteeship
shall have been vacated prior to the expiration of said 120 days,
or unless:
A.
Within 120 days after its election or appointment,
such receiver or trustee shall have complied with all material provisions
of the franchise and remedy 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 agreement,
this ordinance and any amendments of this ordinance and regulations
promulgated by the Board.
Franchisee may not abandon any portion of the
cable system thereof without first having given three months' notice
to the township.
