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33 <br />(a) If any federal or state law or regulation shall require or permit City or Grantee to <br />perform any service or act or shall prohibit City or Grantee from performing any service <br />or act which may be in conflict with the terms of this Franchise, then as soon as possible <br />following knowledge thereof, either party shall notify the other of the point in conflict <br />believed to exist between such law or regulation. Grantee and City shall conform to state <br />laws and rules regarding cable communications not later than one (1) year after they <br />become effective, unless otherwise stated, and shall conform to federal laws and <br />regulations regarding cable as they become effective. <br /> <br />(b) If any term, condition or provision of this Franchise or the application thereof to <br />any Person or circumstance shall, to any extent, be held to be invalid or unenforceable, <br />the remainder hereof and the application of such term, condition or provision to Persons <br />or circumstances other than those as to whom it shall be held invalid or unenforceable <br />shall not be affected thereby, and this Franchise and all the terms, provisions and <br />conditions hereof shall, in all other respects, continue to be effective and complied with, <br />provided the loss of the invalid or unenforceable clause does not substantially alter the <br />agreement between the parties. In the event such law, rule or regulation is subsequently <br />repealed, rescinded, amended or otherwise changed so that the provision which had been <br />held invalid or modified is no longer in conflict with the law, rules and regulations then <br />in effect, said provision shall thereupon return to full force and effect and shall thereafter <br />be binding on Grantee and City. <br /> <br />SECTION 12 FORECLOSURE AND RECEIVERSHIP <br /> <br />12.1 Foreclosure. Upon the foreclosure or other judicial sale of the Cable System, Grantee shall <br />notify the City of such fact and such notification shall be treated as a notification that a change in <br />control of Grantee has taken place, and the provisions of this Franchise governing the consent to <br />transfer or change in ownership shall apply without regard to how such transfer or change in <br />ownership occurred. <br /> <br />12.2 Receivership. The City shall have the right to cancel this Franchise subject to any <br />applicable provisions of state law, including the Bankruptcy Act, one hundred twenty (120) Days <br />after the appointment of a receiver or trustee to take over and conduct the business of Grantee, <br />whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such <br />receivership or trusteeship shall have been vacated prior to the expiration of said one hundred <br />twenty (120) Days, or unless: <br /> <br />(a) Within one hundred twenty (120) Days after his election or appointment, such <br />receiver or trustee shall have fully complied with all the provisions of this Franchise and <br />remedied all defaults thereunder; and, <br /> <br />(b) Such receiver or trustee, within said one hundred twenty (120) Days, shall have <br />executed an agreement, duly approved by the Court having jurisdiction in the premises, <br />whereby such receiver or trustee assumes and agrees to be bound by each and every <br />provision of this Franchise. <br /> <br />SECTION 13 REPORTING REQUIREMENTS