Receivership and foreclosure.

Charlotte City Code § 6-58

in effect

Sec. 6-58. - Receivership and foreclosure. (a) The cable communications system franchise shall, at the option of the city, cease and terminate 120 days after the appointment of a receiver or trustee to take over and conduct the business of the grantee, whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of the 120 days or unless such receivers or trustees: (1) Shall have, within 120 days after their election or appointment, fully complied with all the terms of this article and the franchise granted pursuant to this article, and the receivers or trustees, within the 120 days, shall have remedied all defaults under the franchise agreement; and (2) Shall, within the 120 days, execute an agreement, duly approved by the court having jurisdiction of the premises, whereby such receivers or trustees assume and agree to be bound by each and every term, provision and limitation of this article and the franchise agreement. (b) If a foreclosure or other judicial sale of the plant, property and equipment of the grantee or any part thereof occurs, including or excluding the franchise, the city may serve notice of termination upon the grantee and the successful bidder at such sale, in which event the franchise and all rights and privileges of the grantee granted under this article shall cease and terminate 30 days after service of such notice unless: (1) The city shall have approved the transfer of the franchise in the manner this article provides; and (2) Such successful bidder shall have covenanted and agreed with the city to assume and be bound by all the terms and conditions of the franchise. (Code 1985, § 6-62; Ord. No. 8194, § 1, 12-19-2016; Ord. No. 8195, § 1, 12-21-2016)

Source: City of Charlotte, Code of Ordinances and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/nc/charlotte/codes/code_of_ordinances?nodeId=PTIICOOR_CH6BUTR_ARTIICACO_DIV2GRFR_S6-58REFOFetched: 10/27/2026