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shall contain a statement that the insurer will not cancel <br />the policy or fail to renew the policy, whether for <br />nonpayment of premium, or otherwise, and whether at the <br />request of the Grantee or for other reasons, except after <br />thirty (30) calendar days advance written notice mailed by <br />the insurer to the City. <br /> <br />SECTION 11. FORECLOSURE, RECEIVERSHIP AND ABANDONMENT. <br /> <br /> 11.01 Foreclosure. Upon the foreclosure or other <br /> judicial sale of the System, Grantee shall notify the City <br /> of such fact and such notification shall be treated as a <br /> notification that a change in control o-f Grantee has taken <br /> place, and the provisions of this Franchise governing the <br /> consent to transfer or change in ownership shall apply <br /> without regard to how such transfer or change in ownership <br /> occurred. <br /> <br /> 11.02 Receivership. The City shall have the right to <br />cancel this Franchise subject to any applicable provisions <br />of Virginia law, including the Bankruptcy Act, one hundred <br />and twenty (120) days after the appointment of a receiver <br />or trustee to take over and conduct the business of <br />Grantee, whether in receivership, reorganization, <br />bankruptcy or other action or proceeding, unless such <br />receivership or trusteeship shall have been vacated prior <br />to the expiration of said one hundred and twenty (120) <br />days, or unless: <br /> <br />-33- <br /> <br /> <br />