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e e SECTION II. As a consideration for the services set forth in Paragraph 1 hereof, City agrees to pay to Chamber an amount equal to twenty-four percent (24%) of the amount actually collected by the City up to an amount not to exceed $26,000 from the Hotel Occupancy Tax in any City fiscal year during the term of this agreement. SECTION III. The term of this contract is for three (3) years and expires on September 30, 1998. No less than ninety (90) days prior to the expiration of the initial 3-year term of this agreement, the City and Chamber may renegotiate the cap level as established in Section II. SECTION IV. In the event written notice is not given by either party, to this agreement, to the other party ninety (90) days prior to the termination date as noted herein, this agreement shall be extended on the same terms and conditions for an additional two (2) years. SECTION V. The City shall, on or before the 45th day following the end of each quarter, pay twenty-four percent (24%) of any amount of the monies collected for that quarter, to the Chamber. The quarters will end on the 31st day of March, the 30th day of June, the 30th day of September and the 31st day of December of each year. SECTION VI. The Chamber agrees that it will record expenditures involved in this program on a monthly basis in separate accounts. The books of account will be maintained in a form approved by the City of La Porte. The Chamber agrees to forward a quarterly report to the City on expenditures involving the use of City funds. Chamber further agrees that the report will be forwarded on or before the 30th day following the end of the quarter. SECTION VII. The Chamber agrees, yearly, to prepare an annual budget on the use of hotel/motel :funds received from the City of La Porte and to submit it to the La Porte City Council - 2 -