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