Section 120-R. Cancellation of sewerage contracts for neglect

In the event
  of such person, persons or corporation failing and  neglecting  to  keep
  said  system  of  sewage in a good healthy and effective condition after
  due notice in writing of not less than sixty days, from any municipality
  using the same, their rights, of such person,  persons  or  corporation,
  guaranteed  under  such  contract  may be canceled by such municipality,
  except that such municipality or municipalities shall pay the  fair  and
  reasonable  value  of  such sewerage system as provided in such lease or
  contract. This section shall not apply  if  such  system  is  under  the
  management   and   control   of   one   or   more  of  such  contracting
  municipalities.