Upon the foreclosure or other judicial sale of the system, grantee shall
notify the Township of such fact, and such notification shall be treated as
notification that a change in control of grantee has taken place.
The Township shall have the right to cancel this franchise 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
the business of the grantee. 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.Â
Within 120 days after his election or appointments, such
receiver or trustee shall have complied with all material provisions of the
franchise and remedy all defaults thereunder; and
B.Â
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.
Grantee may not abandon any portion of the system thereof without first
having given three months' notice to the Township.
