PARKING CONCEPTS INC. OF LOS ANGELES 1 - 2007

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included as part of the operating fee and which shall be reimbursed by the City. 2. SCOPE OF SERVICES Operator shall perform those services as specified in detail in the RFP and its Proposal dated October 31, 2007. The face page and excerpts from the Proposal are attached hereto and incorporated as Exhibit B. Due to the voluminous nature of the Proposal, the Proposal is kept and maintained in its original form on the 6th floor of City Hall. Budgets for each Fiscal Year or portion thereof occurring during the term of this Agreement, showing the estimated Operating Expenses for such Fiscal Year or portion thereof occurring during the term of this Agreement, showing the estimated Operating Expenses for such Fiscal year or portion thereof in such format as is required by the Contract Administrator, or his /her designee. The initial proposed budget shall be submitted by Operator to the Contract Administrator prior to the commencement date set forth herein. Subsequent proposed budgets should be submitted prior to the commencement of the Fiscal Year to which they pertain. Operator and the Contract Administrator shall cooperate in good faith to develop reasonable approved budgets, provided, however, that the Contract Administrator shall retain ultimate authority to determine each approved budget in the event of disagreement. Any approved budget may be amended at any time by a written amendment approved by the Contract Administrator and Operator. In the event that the City incurs any obligation for Operating Expenses, which are not in accordance with an approved budget, City may deduct the amount of such obligation from the Management Fee. 3. TERM OF AGREEMENT 3.1 Initial Term - The initial term of this Agreement is a two -year term (2), from January 1, 2008 to January 1, 2010. 3.2 Options — City has the right to extend the term of this Agreement for three (3) additional one -year periods (the "Additional Terms "), based upon the same conditions of the Initial Term, subject to adjustments for compensation. City shall notify Operator in writing of its exercise of its option for an Additional Term no less than thirty (30) days prior to the end of the then current Term. 4. COMPENSATION As total compensation for Operator's services under this Agreement, City agrees to pay and Operator agrees to accept, a management fee in the amount of Two Thousand Four Hundred Dollars ($2,400.00) per month.