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V, herein, However, if in any year during the term of this contract (be ginnin g with the 2011- <br />2012 fiscal year) the Chamber's Sylvan Beach Festival fundraiser should yield more than <br />$50,000.00 in net proceeds, Chamber agrees to remit to City fifty percent (50 0 /0) of each <br />dollar raised in excess of said $50,000.00 threshold. In the event a remittance is made to the <br />City such funds shall be deposited into City's hotel occupancy tax fund <br />The City's obligation to forward payment as established herein is subject to its fight to <br />terminate this agreement at any point during City's fiscal year with 30 days advance written <br />notice, as authorized in Section XIII of this agreement. <br />SECTION III. <br />The term of this contract is for three (3) years, beginning on October 1, 2011 and expiring <br />on September 30, 2014. No less than ninety (90) days prior to the expiration of the initial 3- <br />year term of this agreement, the City and Chamber may renegotiate the cap level as <br />established in Section II. Any increase in the base contribution will be based on the annual <br />performance report and the annual budget submittal by the Chamber and shall be approved by <br />City Council. <br />SECTION IV. <br />In the event 30 days advance written notice of termination is not received by the other party <br />to this agreement at least ninety (90) days prior to the contract conclusion date at the <br />expiration of the initial three (3) year term, this agreement shall be extended on the same <br />terms and conditions for one additional two (2) year term. <br />SECTION V. <br />The City shall, on or before the 45 day following the end of each quarter, pay $17,500.00 or <br />1 /.1 of $70,000.00 to the Chamber. The quarters Nvill end on the 31 day of March, the 30 day <br />of June, the V' day of September and the 31" day of December of each year. For purposes of <br />this agreement, City shall make the first quarterly payment on or before the 45 day following <br />the quarter ending on September 30, 2011. <br />SECTION V1. <br />Chamber agrees that any and all Hotel Occupancy Tax funds paid to it by City shall be used <br />only in the following specific areas: <br />(1) The furnishing of facilities, personnel, and materials for the registration of <br />convention delegates or registrants; <br />(2) Advertising and conducting solicitations and promotional programs to attract <br />