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<br />ARTICLE X. <br /> <br />FORECLOSURE, RECEIVERSHIP AND ABANDONMENT <br />SECTION 1. FORECLOSURE <br /> <br />( <br /> <br />Upon the foreclosure or other judicial sale of all or a part of the System, <br /> <br />Grantee shall notify City of such fact and such notification shall be treated as a <br /> <br />notification that a change in control of Grantee has taken place, and the <br /> <br />provisions of this Franchise governing the consent to 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 after the <br /> <br />appointment of a receiver or trustee to take over and conduct the business of <br /> <br />Grantee, whether in receivership, reorganization, bankruptcy, or other action or <br /> <br />proceeding, unless such receivership or trusteeship shall have been vacated prior <br /> <br />to the expiration of said 120 days, or unless: <br /> <br />A. Within 120 days after his election or appointment, such receiver <br />or trustee shall have fully complied with all the provisions of <br />this Franchise and remedied all defaults hereunder; and <br /> <br />B. Such receiver or trustee, within said 120 days, shall have <br />executed an agreement with City duly approved by the Court <br />having jurisdiction in the premises, whereby such receiver or <br />trustee assumes and agrees to be bound by each and every <br />provision of this Franchise. <br /> <br />SECTION 3. ABANDONMENT <br /> <br />Grantee may not abandon any portion of System without having given not <br /> <br />less than three months prior notice to City and Board. Further, Grantee may not <br /> <br />c <br /> <br />abandon any portion of System without compensating City for damages resulting <br /> <br />from the abandonment. The amount of damages resulting from abandonment and <br /> <br />due City shall be determined in the sole discretion of City. An abandonment of <br /> <br />any portion of the System as determined in the sole discretion of City shall be a <br /> <br />cause for termination of this Franchise by City. <br /> <br />- 52 - <br />