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<br />hereinafter called the "premises," together with the right to use, along with
<br />other users of Sylvan Beach Park, the parking lot adjoining the premises, and
<br />the rights of ingress and egress to Bayshore Drive.
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<br />II.
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<br />Within thirty days after the execution of this agreement, the City, at City's expense,
<br />shall modify the plans and specifications for the reconstruction of the pier to the extent
<br />required by applicable laws, and shall commence to obtain all necessary permits from the State
<br />of Texas, acting by and through the School Land Board and the Commissioner of the General
<br />Land Office, the U.S. Army Corp of Engineers, and any other state or federal regulatory
<br />agency having jurisdiction over the reconstruction and operation of the pier, and the City shall
<br />do any and all other things necessary or required for the reconstruction of the pier. This
<br />Agreement is subject to all of the requirements of the State of Texas, acting by and through the
<br />School Land Board and the Commissioner of the General Land Office, the U.S. Army Corp of
<br />Engineers, and any other state or federal regulatory agency having jurisdiction over the
<br />reconstruction and operation of the pier. Notwithstanding anything herein to the contrary, or
<br />that may be construed to the contrary, it is understood that the termination date of this
<br />Agreement shall be the date the City ceases to meet the requirements of the State of Texas, the
<br />U.S. Army Corp of Engineers, and any other state or federal regulatory agency having
<br />jurisdiction over the reconstruction and operation of the pier, or March 31, 2026, whichever is
<br />sooner. After the modification of the plans and specifications, obtaining of permits for the
<br />reconstruction of the pier and doing all things necessary or required for the reconstruction of
<br />the pier, the City shall notify the County of such fact, after which time the County shall
<br />furnish to City, at County's sole cost and expense, at the Sylvan Beach Park site, all of the
<br />materials required to re-build the pier, in accordance with the plans and specifications so
<br />modified.
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<br />III.
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<br />After receipt of the materials from the County pursuant to Paragraph II, the City shall
<br />commence to construct, or cause to be constructed, the pier in accordance with the plans and
<br />specifications provided by the County. City shall construct the improvements in a manner so
<br />as to be visible to operators of marine craft at all times, and not constitute a hazard to
<br />operators of marine craft. City shall begin making improvements to the pier within one year
<br />from the approval of this Agreement by the County's Commissioners Court.
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<br />IV.
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<br />(a) City will establish an escrow account, into which City shall deposit two thirds
<br />(2/3) of all gross receipts from patrons using the pier. The purpose of this escrow account is
<br />to establish a self-insured fund for the future repairs to the pier, or for restoration of the pier in
<br />event of damage or destruction to the pier, either from natural or other causes, which repairs
<br />and restoration the City shall perform. City will continue to deposit, into the escrow account,
<br />two thirds (2/3) of all gross receipts from patrons using the pier, until the escrow account
<br />reaches a balance in an amount that produces buying power equivalent to $60,000.00 in the
<br />year 1993, said balance being hereinafter called "the $60,000.00 equivalent." During the term
<br />of this Agreement, the $60,000.00 equivalent, as used herein, shall mean an amount that
<br />would produce buying power equivalent to $60,000.00 based on the change, if any, in the
<br />Houston, Texas, Average Consumer Price Index-All Urban Customers ("CPI-U"). The
<br />calculation of the increase, if any, is set forth in subparagraph (t) below. In the event the
<br />balance in the escrow account falls below the $60,000.00 equivalent, the City shall promptly
<br />commence depositing two thirds (2/3) of all gross receipts into said escrow account so as to
<br />increase the balance to the $60,000.00 equivalent. After the escrow account reaches a balance
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