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.... ._ .rrrrr�..r.�..u�r <br /> � � <br /> 3.12 Receivership and Foreclosure <br /> (a) At the option of the Grantor and subject to applicable law, a <br /> Franchise granted hereunder may be revoked one hundred twenty (120) days <br /> after appointment of a receiver(s) or trustee(s) to take over and conduct the <br /> business of Grantee, whether in a receivership, reorganization, bankruptcy or <br /> other action or proceeding, unless: <br /> (1) the receivership or trusteeship shall have been <br /> vacated within said one hundred twenty (120) days; or <br /> (2) such receivers or trustees within said one hundred <br /> twenty (120) days shall have remedied all the defaults under the Franchise or <br /> provided a plan for the remedy of such defaults which is satisfactory to the <br /> Grantor; or <br /> (3) such receivers or trustees shall, within said one <br /> hundred twenty (120) days, have executed an agreement duly approved by the <br /> court having jurisdiction whereby such receivers or trustees assume and agree <br /> to be bound by each and every term, provision and limitation of the Franchise. <br /> (b) In the case of a foreclosure or other judicial sale of the <br /> Cable System, in whole or in part, the Grantor may serve notice of revocation <br /> upon Grantee and the successful bidder at such sale, and all rights and <br /> privileges of the Grantee hereunder shall be revoked thirty (30) days after . <br /> service of such notice, unless: <br /> (1) Granto� shall have approved the transfer of the <br /> Franchise, in the manner provided by law; and <br /> (2) the successful bidder shall have covenanted and <br /> agreed with Grantor to assume and be bound by all terms and conditions of the <br /> Franchise. <br /> 23 <br /> sh/RWC/Council <br /> AGMT-382 <br /> FXS/fs <br /> 08/02/00 <br />