Agenda - 06-16-2009 - 4ff - Laserfiche WebLink

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Draft 5-28-09 0 FACILITY NAMING AND SPONSORSHIP AGREEMENT This Facility Naming Agreement ("Agreement") is entered into this day of July 1, 2009, between Sports Endeavors Inc., a North Carolina corporation with offices located at 431 US Highway 70A East, Hillsborough, NC 27278-9912 and Orange County, North Carolina hereinafter referred to as "Orange County," pursuant to Gen. Statute 160A-460 et seq., and other applicable laws. WHEREAS, Orange County is constructing the West Ten Soccer Center ("Facility") located on West Ten Road in Efland North Carolina; and WHEREAS, the Facility will be utilized by local, regional, state, national and international organizations, among other uses; and WHEREAS, Sports Endeavors Inc. desires to sponsor the Facility in return for certain benefits as set forth below: NOW, THEREFORE, in consideration of the mutual promises and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Orange County and Sports Endeavors Inc. hereby agree as follows: 1. RECITALS. The recitals set forth above are herby incorporated into this Agreement. 2. TERM AND TERMINATION. 2.1. The term of this Agreement shall commence as of the date first above written and, unless sooner terminated in accordance with the Agreement, shall continue until June 30, 2014. 2.2. Provided Sports Endeavors Inc. is not in default hereunder, Sports Endeavors Inc. shall have the option to extend the term of the this Agreement for an additional five (5) years at a mutually agreed upon yearly investment. Sports Endeavors Inc. can exercise its option by providing written notice to Orange County of Sports Endeavors intent to renew no later than January 1, 2014. 2.3. Sports Endeavors Inc. shall have the right to terminate this Agreement upon 30 days written notice to Orange County in the event of the occurrence of any of the following contingencies: 2.3.1. If Orange County is not using its best efforts to utilize the Facility to its potential and Sports Endeavors Inc. is not receiving the desired brand exposure; or 2.3.2. If Orange County is adjudicated as insolvent, declares bankruptcy or is otherwise unable to perform its management duties for the Facility; or 2.3.3. Upon material breach of any provision of this Agreement by Orange County, if such breach is not cured within thirty (30) days after Orange County's receipt of written notice from Sports Endeavors Inc. 2.4. Orange County shall have the right to terminate this Agreement upon written notice to Sports Endeavors Inc. in the event of the occurrence of any of the following contingencies: 2.4.1. If Sports Endeavors Inc. is adjudicated as insolvent, declares bankruptcy or is otherwise unable to pay its debts when due; or Page 1 of 7