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(c) Licensee hereby acknowledges that title to the Property is vested in Licensor and agrees never to assail or resist the same, and further agrees that Licensee's use and occupancy of License Area shall be referable solely to the permission herein given. (d) As a covenant to this Agreement, Licensee shall adhere to and comply with all responsibilities enumerated in RFP attached hereto and incorporated herein. Section 1.02 Term (a) The term of the Agreement for the License Area ("Term") shall be for ONE (1) year(s) commencing on ("Commencement Date"). (optional) At the Licensor's sole discretion, Licensee may be granted extension of this Agreement, for TWO (2) additional terms ("Renewal Term") of ONE (1) year each. Each Renewal Tern shall be on the same terms and conditions set forth herein. The Term of the Agreement shall not automatically be extended for each successive Renewal Term. This Agreement shall be irrevocable during its stated term, except as otherwise specifically set forth in this Agreement. (b) The Licensee or Licensor must inform each other, in writing, of its interest not to extend the term of the Agreement. Licensor may terminate this 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) Upon the Commencement Date, Licensee shall pay to Licensor the amount ("Compensation") for use of the License Area. Said amount is made up of $ as license fee with an additional $ fee. Compensation will be due upon . A late charge of ten percent (10%) shall be applied after any payment hereunder 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. Section 1.04 Security Deposit Contemporaneously with the execution of this Agreement, Licensee shall deposit with Licensor the additional sum of 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. 20