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without liability for interest, as security for the faithful performance by Operator of all the terms, covenants, and conditions of this Agreement to be kept and performed by Operator during the Term of this Agreement, or any extension thereof, and including the removal of Operator's facilities as set forth herein. Assuming successful completion of all terms and conditions of this Agreement, including those within the RFP, the security deposit, or any remaining portion thereof, and any unused fees shall be returned within 60 days of the final carnival activity provided for in the RFP. 5. TERM This Agreement shall commence on the date first written above and terminate on December 31, 2008 unless terminated earlier in accordance with this Agreement. The term of this Agreement may be extended for an additional 1 year term at the City's sole discretion through a writing executed by the Executive Director of the Parks Recreations and Community Services Agency and the City Attorney. 6. NON -POSSESSORY INTEREST City retains full possession of the Park and Carnival Area and Operator 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. Operator will make no claim to any such interest. Any violation of this provision will immediately void and terminate this Agreement. 7. NON RECORDING Neither party shall record this Agreement 8. RECORD KEEPING AND AUDIT A. Operator shall establish and maintain separate accounting records for each Carnival Event at the specified Parks. Operator's accounting system shall conform to generally - accepted accounting principles and all records shall provide a breakdown of total costs and revenues associated with the Park Carnival Events. B. All Operator's records of revenues and repairs pertaining to the Carnival Events referenced herein shall be kept for the duration of this Agreement and made available at all times for audit by City upon request 9. INDEPENDENT CONTRACTOR Operator shall, during the entire term of this Agreement, be construed to be an independent contractor and not an employee of the City. This Agreement is not intended nor shall it be construed to create an employer -employee relationship, a joint venture relationship, or to allow the City to exercise discretion or control over the professional manner in which Operator performs the services which are the subject matter of this Agreement; however, the