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I <br /> <br /> I <br /> ! <br /> <br />!i <br /> <br /> I <br /> I <br /> <br /> ARTICLE X. <br /> FORECLOSURE, RECEIVERSHIP AND ABANDONMENT <br />SECTION 1. FORECLOSURE <br /> <br /> Upon the foreclosure or other judicial sale of all or a part <br />of the System, Grantee shall notify City of such fact and such <br />notification shall be treated as a notification that a change in <br />control of Grantee has taken place, and the provisions of this <br />Franchise governing the consent to transfer or change in owner- <br />ship shall apply without regard to how such transfer or change in <br />ownership occurred. <br /> <br />SECTION 2. RECEIVERSHIP <br /> <br /> City shall have the right to cancel this Franchise 120 days <br />after the appointment of a receiver or trustee to take over and <br />conduct the business of Grantee, whether in receivership, reorga- <br />nization, bankruptcy or other action or proceeding, unless such <br />receivership or trusteeship shall have been vacated prior to the <br />expiration of said 120 days, or unless: <br /> <br /> (a) Within 120 days after his election or appointment, such <br /> receiver or trustee shall have fully complied with all <br /> the provisions of this Franchise and remedied all de- <br /> faults hereunder; and <br /> <br /> (b) Such receiver or trustee, within said 120 days, shall <br /> have executed an agreement with City duly approved by <br /> the Court having jurisdiction in the premises, whereby <br /> such receiver or trustee assumes and agrees to be bound <br /> by each and every provision of this Franchise. <br /> <br />68 <br /> <br /> <br />