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ARTICLE X. <br /> FORECLOSURE, RECEIVERSHIP AND ABANDONMENT <br /> SECTION 1 . FORECLOSURE <br /> Upon the foreclosure or other judicial sale of all or part of <br /> 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 ownership <br /> shall apply. <br /> SECTION 2 . RECEIVERSHIP <br /> City shall have the right to cancel this Franchise one <br /> hundred twenty ( 120 ) days after the appointment of a receiver or <br /> trustee to take over and conduct the business of Grantee, whether <br /> in receivership, reorganization, bankruptcy or other action or <br /> proceeding, unless such receivership or trusteeship shall have been <br /> vacated prior to the expiration of said one hundred twenty ( 120 ) <br /> days , or unless : <br /> (a) Within one hundred twenty ( 120 ) days after election or <br /> appointment, such receiver or trustee shall have fully <br /> complied with all the provisions of this Franchise and <br /> remedied all defaults hereunder; and <br /> (b) Such receiver or trustee, within said one hundred twenty <br /> ( 120 ) days , shall have executed an agreement with City <br /> duly approved by the Court having jurisdiction in the <br /> premises, whereby such receiver or trustee assumes and <br /> 51 <br /> L_ <br />