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either party choose not to exercise their option, the agreement shall terminate automatically at the end of the <br />primary term. During the term of this Agreement, the Association and the City may enter into separate <br />agreements regarding future capital improvement projects or other riding or rodeo facilities that may be <br />contemplated in the City. <br />XII. <br />Any notice required to be given under the provisions of this Agreement shall be in writing and shall be duly <br />served when it shall be hand-delivered to the addresses set out below, or shall have been deposited, duly <br />registered or certified, return receipt requested, in the United States Post Office addressed to the other party <br />at the following addresses: <br /> To CITY: <br /> City of La Porte, Texas <br />Attention: Parks & Recreation Director <br /> 1322 South Broadway <br /> La Porte, Texas 77571-5306 <br /> To Association: <br /> <br />La Porte Livestock Show & Rodeo Association <br />Attention: President <br />P.O. Box 445 <br />La Porte, Texas 77572-0445 <br />The Association shall maintain a favorable financial position during the term of this Agreement. The <br />omprised of <br />a agreed to by <br />the City and the Association along with supporting documentation. The City reserves the right to review the <br />internal financial control structure of the Association and to perform other audit steps as necessary to protect <br />its interests. The Association has indicated that its fiscal year begins on July 1st and ends on June 30th of each <br />calendar year. al Condition will be due to the City sixty (60) days <br />after the end of each fiscal year. Failure to provide requested financial information within the prescribed time <br />limit will prompt a formal notification from the City to the Association of that the agreement is in Danger of <br />Default and a request for satisfaction of the requirement within an additional fifteen (15) days from the date <br />of official notification. If the requirement for financial statement submission is not met by that time, or <br />arrangements to <br />in Default. <br /> XIII. <br />Nothing herein shall be construed as creating any personal liability on any part of any officer, <br />employee or agent of the City. The Parties agree that no provision of this Agreement is in any way <br />Page 6 of 9 <br /> <br /> <br />