[R.O. 2011 § 670.770; R.O. 2009
§ 111.120; Ord. No. 01-125, 6-20-2001]
Upon the foreclosure or other judicial
sale of all or a part of a system or upon the termination of any lease
covering all or part of a system, a grantee shall notify grantor 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 to transfer or change in ownership
shall apply without regard to how such transfer or change in ownership
occurred.
[R.O. 2011 § 670.780; R.O. 2009
§ 111.121; Ord. No. 01-125, 6-20-2001]
A.
Grantor shall have the right to cancel
a franchise agreement one hundred twenty (120) days after the appointment
of a receiver or trustee to take over and conduct the business of
a grantee, 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 one hundred
twenty (120) days or unless:
1.
Within one hundred twenty (120) days
after its election or appointment, the receiver or trustee has fully
complied with all the provisions of grantee's franchise agreement
and this Chapter and remedied all defaults thereunder; and
2.
Such receiver or trustee, within
said one hundred twenty (120) days, has executed an agreement, duly
approved by a court having jurisdiction, whereby such receiver or
trustee assumes and agrees to be bound by each and every provision
of this Chapter and the applicable franchise agreement.
