Common use of Term; Exclusivity Clause in Contracts

Term; Exclusivity. This MOU will terminate upon the earlier of the effective date of the Lease Agreement (the “Lease Execution Date”) or three (3) years from the Effective Date of this MOU, provided that the term shall be automatically extended by an additional one (1) year (for a combined term of four (4) years) if the Permits and Approvals Schedule (as defined in Section 6(b)) has been delayed by SEPA review, regulatory process, or other causes beyond the reasonable control of the Parties. This MOU may also be extended by mutual written agreement of the Parties. During the term of this MOU and the term of the Lease Agreement, (i) the City shall not negotiate with any person or entity, other than OVG (or its designee or permitted assignee), regarding renovation or redevelopment of the Arena, or solicit or entertain bids or proposals to do so, and (ii) the City shall not provide financial support, benefits, or incentives (other than those that are generally available to any potential developer) with respect to the construction of any live entertainment venue with a capacity of more than 15,000 seats within the jurisdictional boundaries of the City of Seattle.