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cause, the commission shall operate the system until such time as a new oper- <br />ator i s selected. If the commission i s required to ful f i 11 this obligation <br />for the Grantee, the Grantee shall reimburse the commission for any costs or <br />damages that are the result of the Grantee`s failure to perform. <br />~4} Farecl osure. Upon the foreclosure or other ~ udici al sale of <br />all or a substantial part of the system, or upon the termination of any lease <br />covering all or a substantial part of the equipment comprising the system, the <br />Grantor shall have the right, at its discretion, to terminate the franchise, <br />which termination shall be final and binding upon both parties; such option <br />shall be exercised not 1 ater than 60 days fallowing foreclosure, other j udi <br />cial sale or termination of such lease, or Grantor shall be deemed to approve <br />of such successor in interest to Grantee. <br />~5} Receivershi The Grantor shall have the right to terminate <br />this franchise 1Z0 days after the appointment of a receiver, or trustee, to <br />take over and conduct the business of the Grantee, whether in receivership, <br />reorganization, bankruptcy, or other action or proceeding, unless such re <br />ceivership or trusteeship shall have been vacated prior to the expiration of <br />said ~~0 days, or unless: <br />~a~ ~lithin 120 days after his/her election or appointment, <br />such receiver ar trustee shall have fully complied with all the provisions of <br />this franchise and remedied all defaults thereunder; and <br />~b~ Such receiver or trustee, within said I20 days, shall have <br />executed an agreement, duly approved by the court having jurisdiction in the <br />premises, whereby such receiver or trustee assumes and agrees to be bound by <br />each and every provision of this franchise. <br />~6} Grantor Purchase of System U on Expiration. The Grantor shall <br />have the right to purchase the cable communications system upon expiration of <br />this franchise. 5hou1 d the Grantor decide to purchase the system, i t shat 1 do <br />so at a price not to exceed its then fair market value. ~n determining the <br />Ordinance - 33 <br />