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Madison Park I $7,000.00 <br />August 31, Sept. 1, 2, <br />and 3, 2007 <br />In addition to the fees set forth herein, Operator shall pay all required City fees and <br />deposits including the fees for police services and Park clean up, and obtain all required permits <br />and licenses as detailed in the RFP, Exhibit B hereto. All fees and deposits shall be due and <br />payable as set forth in the RFP. A late charge of 10% shall be applied to the fee amount after <br />any payment is due but unpaid. In addition, an interest charge of one and one-half percent (1 <br />1/2%) per month will be added to for each month that any fee or portion thereof remains due and <br />unpaid. <br />4. SECURITY DEPOSIT <br />Contemporaneously with the execution of this Agreement, Operator shall deposit with <br />City the additional sum of $5,000.00 as a security deposit. The deposit shall be held by City, <br />without liability for interest, as security for the faithful performance by Operator of all the terms, <br />covenants, and conditions of this Agreement to be kept and performed by Operator during the <br />Term of this Agreement, or any extension thereof, and including the removal of Operator's <br />facilities as set forth herein. Assuming successful completion of all terms and conditions of this <br />Agreement, including those within the RFP, the security deposit and any unused fees shall be <br />returned within 60 days of the final carnival event provided for herein. <br />5. TERM <br />This Agreement shall commence on the date first written above and terminate on January <br />31, 2008 unless terminated earlier in accordance with this Agreement. The tern of this <br />Agreement may be extended for an additional 1 year term at the City's sole discretion through a <br />writing executed by the Executive Director of the Parks Recreations and Community Services <br />Agency and the City Attorney. <br />6. NON -POSSESSORY INTEREST <br />City retains full possession of the Park and Carnival Area and Operator will not acquire <br />any interest temporary, permanent, irrevocable, possessory or otherwise by reason of this <br />Agreement, or by the exercise of the permission given herein. Operator will make no claim to <br />any such interest. Any violation of this provision will immediately void and terminate this <br />Agreement. <br />7. NON RECORDING <br />Neither party shall record this Agreement <br />