Term Extension. The Initial Term may be extended in individual Fiscal Year durations up to a maximum of four (4) separate times, with approval of each such extension by the City Council (each, an “Extended Term”). Each Extended Term will consist of a 6 month extension of the Agreement, with a six (6) month renewal option. The 6 month renewal option is at the City’s sole discretion, by ▇▇▇▇▇▇ provided to Manager. Only one Extended Term may be approved and entered into by the Parties during the Initial Term and each Extended Term (if any). Under no circumstance shall the Term (defined below in this Section 3.1) exceed five (5) years. The beginning of each Extended Term is subject to all of the following conditions: (a) Manager is not in Default on the last day of the Initial Term or the immediately preceding Extended Term, as applicable; (b) the Extended Term has been approved by the City Council; and (c) the Manager Representative has approved the Extended Term. The Initial Term and each Extended Term entered into in accordance with this Section 3 are sometimes, collectively, referred to in this Agreement as the “Term.”
Appears in 7 contracts
Sources: Business Improvement District Management Agreement, Business Improvement District Management Agreement, Business Improvement District Management Agreement