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IX. <br />The Association shall not assign, transfer, convey, sublet or otherwise dispose of the <br />Agreement, or any part, to any person, partnership, company, corporation, club or <br />association without prior written consent of the City ofLa Porte. <br />X. <br />This instrument contains the entire Agreement between the parties relating to the rights <br />granted in the agreement and the obligations assumed as a part of the Agreement. Any <br />representations or modifications concerning this agreement shallhave no force or effect <br />unless modified in writing, and signed by each party to the Agreement. <br />XI. <br />This Agreement shall be in force for a period of five (5) years beginning with the date of its <br />execution. At the end of the term of the Agreement, boththe City and the Association <br />have the option to continue the Agreement for an additional five (5) year term. Such option <br />shall be executed in writing by the Commissioner of the Association and the City Manager, <br />or his designee. Should either party choose not to exercise their option, the Agreement <br />shall be considered at an end. During the term of this Agreement, the Association and the <br />City may enter into separate Agreements regarding future capital improvement projects or <br />other softball facilities thatmay be contemplated in the City. <br />XII. <br />The Association shall maintain a favorable financial position during the term of this <br />agreement. The Association will provide an officialannual financialreportson the <br />Association’s fiscal conditionto the City comprised of a combined expense <br />statement/balance sheetas approved by the City’s controller and mutually agreed to by the <br />City and the Association along with supporting documentation., revenue statement and <br />expense statement.The City reserves the right to review the internal financial control <br />structure of the Association and to perform other audit steps as necessary to protect its <br />interests.The Annual Report on the Association’s Fiscal Condition will be due to the City <br />Sixty (60) days after the end of each fiscal year. Failure to provide requested financial <br />information within the prescribedtime limit willprompt a formal notification from the City to <br />the Association ofthat the agreement is in Danger of Default and a request for satisfaction <br />of the requirement within an additional fifteen (15) days from the date of officialnotification. <br />If the requirement for financial statement submission is not met by that time, or <br />arrangements to submit not made to the City’s satisfaction within that time, the agreement <br />will be considered in Default. <br />XIII. <br />If any section, sentence, phrase, clause, or any part of any section, sentence, phrase, or <br />Page 4of 7 <br /> <br />