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the Agreement. <br />XI. <br />This Agreement shall be in force for a period of five (5) years, beginning with the date of its execution. At the <br />end of the term of the agreement, both the City and the Association have the option to continue the <br />agreement for an additional five (5) year term. Such option shall be executed in writing by the President of <br />the Association and the City Manager or his designee. Should either party choose not to exercise their option, <br />the agreement shall be considered to be at an end. During the term of this agreement, the Association and <br />baseball facilities that may be contemplated in the City. <br />XII. <br />The Association shall maintain a favorable financial position during the term of this Agreement. The <br />ised of <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. <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 />in Default. <br />XIII. <br />If any section, sentence, phrase, clause, or any part of any section, sentence, phrase, or clause, of this <br />Agreement shall, for any reason, not be legally or factually valid, such invalidity shall not affect the remaining <br />portions of this Agreement. <br />Page 5 of 8 <br /> <br /> <br />