4.7 SR 04-19-2021 - Laserfiche WebLink

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d. Sponsor will be responsible for any future costs for signage or other Sponsorship assets related to a request by Sponsor to modify or change the name or logo of the Sponsor. Article II Contribution Sponsor hereby agrees to make an initial contribution ("Contribution") to the City of seven thousand five hundred dollars ($7,500.00) payable in full on the Effective Date of this Agreement. Thereafter, on or before each annual anniversary of the Effective Date, each year during the term of this Agreement, Sponsor shall make an annual contribution of seven thousand five hundred dollars ($7,600.00) in years two (2), three (3), four (4), and five (5). Article III Relationship of Parties; No Property Interest I . Relationship of the Parties. Under this Agreement, the parties shall at all times be acting and performing as independent contractors. Nothing contained in this Agreement shall be construed to create a joint venture, principal, and agent, or any similar legal or equitable relationship between the parties. Neither parry shall have or exercise any control or direction over the methods by which the other parry provides services contemplated by this Agreement. Nothing in this Agreement shall be construed to give Sponsor any control over or responsibility for operation of the Facility. 2. No Property Interest. Nothing in this Agreement shall be construed as granting to Sponsor any property interest in any City -owned property. The City maintains all its rights as the fee owner of the Facility and all improvements thereon on behalf of itself and the public. Article IV Term and Termination I. Fixed Term. The Term of this Agreement shall commence on the Effective Date and remain in effect for a period of five (5) years, until the fifth anniversary of the Effective Date (the "Expiration Date"). 2. Early Termination. a. Early Termination for Cause. Either parry may terminate this Agreement for good cause shown. The terminating parry shall give a written "Notice of Intent to Terminate" the Agreement. The Notice of Intent to Terminate the Agreement shall set forth the reason(s) for termination of the Agreement and shall allow for a "Cure Period" during which time the non -terminating parry shall have the opportunity to cure the purported breach or default. If either party fails to cure and Good Cause continues to exist following the applicable cure period, the other parry shall be entitled to terminate the Agreement or seek specific performance, and in any event, may sue for damages. In any action for damages under this Agreement, neither parry shall be liable or responsible under any circumstances for consequential, incidental, indirect lost profit, or punitive damages of any kind. 2