§ 8-212. Receivership.

Apart from and supplemental to the right to revoke a franchise, 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 article 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 article and the applicable franchise agreement.

(Ord. of 11-18-02)