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ARTICLE 1— TERM OF LICENSE <br />Section 1.01 License Area and Use <br />(a) Licensor owns the real property described in Exhibit "A" attached hereto <br />and made a part hereof (the "Property"), commonly know as Jerome Park, <br />located at 2115 W McFadden Av., Santa Ana, California; ("License <br />Area"). Licensor grants to Licensee the privilege of a personal, non- <br />exclusive, revocable license ("License") to encroach upon the License <br />Areas, as herein described and shown in general in Exhibit "A", attached <br />hereto and incorporated herein by reference, for the purpose of providing <br />carnivals and for no other purpose. <br />(b) The right and permission of Licensee is subordinate to the prior and <br />paramount right of Licensor to use the Property in its entirety for public <br />purposes to which it presently is and may, at the option of Licensor, be <br />devoted. Licensee undertakes and agrees to use the License Area and to <br />exercise this License at all times in such manner as will not unreasonably <br />interfere with the full use and enjoyment of the Property by Licensor. <br />(c) Licensee hereby acknowledges that title to the Property is vested in <br />Licensor and agrees never to assail or resist the same, and further agrees <br />that Licensee's use and occupancy of License Area shall be referable <br />solely to the permission herein given. <br />(d) As a covenant to this Agreement, Licensee shall adhere to and comply <br />with all responsibilities enumerated in RFP, attached hereto and <br />incorporated herein by reference. Failure to adhere to and comply with <br />the responsibilities enumerated in the REP will result in the respective <br />penalties described in the RFP. <br />Section 1.02 Term <br />(a) The term of the Agreement for the License Area ("Term") shall be for <br />ONE (1) year(s) commencing on February 1, 2005, ("Commencement <br />Date"). At the Licensor's sole discretion, Licensee may be granted <br />extension of this Agreement, for TWO (2) additional terms ("Renewal <br />Term") of ONE (1) year each. Each Renewal Term shall be on the same <br />terms and conditions set forth herein. The Term of the Agreement shall <br />not automatically be extended for each successive Renewal Term. This <br />Agreement shall be irrevocable during its stated term, except as otherwise <br />specifically set forth in this Agreement. <br />(b) The Licensee or Licensor must inform each other, in writing, of its interest <br />not to extend the term of the Agreement. Licensor may terminate this <br />