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event if there is an unpaid balance. Vendor is subject to other monetary penalties for failure to <br />perform as set forth throughout the RFP. <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, or any remaining portion <br />thereof, and any unused fees shall be returned within 60 days of the final carnival activity <br />provided for in the RFP. <br />5. TERM <br />This Agreement shall commence on the date first written above and terminate on <br />December 31, 2008 unless terminated earlier in accordance with this Agreement. The term of <br />this Agreement may be extended for an additional 1 year term at the City's sole discretion <br />through a writing executed by the Executive Director of the Parks Recreations and Community <br />Services 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 />I elf] es 1] 0113 R li feM <br />Neither party shall record this Agreement <br />8. RECORD KEEPING AND AUDIT <br />A. Operator shall establish and maintain separate accounting records for each <br />Carnival Event at the specified Parks. Operator's accounting system shall conform to generally- <br />accepted accounting principles and all records shall provide a breakdown of total costs and <br />revenues associated with the Park Carnival Events. <br />B. All Operator's records of revenues and repairs pertaining to the Carnival Events <br />referenced herein shall be kept for the duration of this Agreement and made available at all times <br />for audit by City upon request <br />