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5. TERM This Agreement shall commence on the date first written above and terminate on December 31, 2014 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 Promoter 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. Promoter will make no claim to any such interest. Any violation of this provision will immediately void and terminate this Agreement. NON -RECORDING Neither party shall record this Agreement 8. RECORD KEEPING AND AUDIT A. Promoter shall establish and maintain separate accounting records for each Carnival Event at the specified Park. Promoter'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. Al l Promoter'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 Promoter 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 Promoter performs the services which are the subject matter of this Agreement; however, the services to be provided by Promoter shall be provided in a manner consistent with all applicable standards and regulations governing such services. Promoter shall pay all salaries and wages, employer's social security taxes, unemployment insurance and similar taxes relating to employees and shall be responsible for all applicable withholding taxes. 10. INSURANCE Prior to undertaking performance of any work relative to a Carnival Event under this Agreement, Promoter shall maintain and shall require its subcontractors, if any, to obtain and maintain insurance as described below: A. Commercial General Liability Insurance. Promoter and each of its operators and subcontractors shall maintain commercial general liability insurance which shall include, but not be limited to protection against claims arising from bodily and personal injury, including death resulting therefrom and damage to property, resulting from any act or occurrence arising out of the operations or performance of this Agreement by Promoter, its operators or subcontractors, including, without