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Agreement, at will, upon fifteen days (15) written notice if there is a violation of any of the terms contained herein. Section 1.03 Compensation/Consideration (a) Licensee shall pay all required city fees a including police services and clean up as described in Exhibit A and Fees per event as described in subsection (b) below. All fees shall be due and payable as set forth herein as well as in Exhibit A. A late charge of ten percent (10%) shall be applied after any payment herein is due but unpaid. In addition, one and a half percent (1 %2%) interest per month shall be added for each month that payment hereunder is due but unpaid. (b) FEES PER EVENT Operator agrees to pay the City and City agrees to accept from Operator the following fees per event. Park/ Carnival Dates Jerome Park $7,000.00 July 1-4, 2005 As a condition precedent to being granted a license to operate a carnival, the Operator agrees to pay in advance all City permit and/or license fees for the events as well as any deposits. Section 1.04 Security Deposit Contemporaneously with the execution of this Agreement, Licensee shall deposit with Licensor the additional sum of $5,000.00 as a security. The deposit shall be held by Licensor, without liability for interest, as security for the faithful performance by Licensee of all the terms, covenants, and conditions of this Agreement to be kept and performed by Licensee during the Term of this Agreement, or any extension thereof, and including the removal of Licensee's Facilities as set forth herein. Upon successful completion of all term and conditions of this Agreement, the security deposit shall be refunded to Licensee unless said amounts are required to be paid to the as set forth in the RFP. Section 1.06 Non -Possessory Interest Licensor retains full possession of the License Area and Licensee will not acquire any interest temporary, permanent, irrevocable, possessory or otherwise by reason of this Agreement, or by the exercise of the permission given herein. Licensee will make no claim to any such interest. Any violation of this provision will immediately void and terminate this Agreement. Section 1.07 Non -Recording Neither party shall record this Agreement. Section 1.08 Record Keeping and Audit