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Draft 1-19-07 <br />~~ <br />• <br />FACILITY NAMING <br />AND <br />SPONSORSHIP AGREEMENT <br />This Facility Naming Agreement ("Agreement's is entered into this day of , <br />between Sports Endeavors Inc., a North Carolina. corporation with offices located at 431 US Highway <br />70A East, Hillsborough, NC 27278-9912 and Orange County, North Carolina hereinafter refeaed to as <br />"Orange County," pursuant to Gen. Statute 160A-460 et seq., and other applicable laws. <br />yPHEREAS, Orange County is constructing the West Ten Soccer Center ("Facility's located on West <br />Ten Road in Efland North Carolina; and <br />WHEREAS, the Facility will be utilized by local, regional, state, national and international <br />organizations, among other uses; and <br />WEIEREAS, Sports Endeavors Inc. desires to sponsor the Facility in return for certain benefits as set <br />forth below: <br />NOW, THEREFORE, in consideration of the mutual promises and conditions set forth herein, and for <br />other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />Orange County and Sports Endeavors Inc. hereby agree as follows: <br />1. RECITALS. The recitals set forth above are herby incorporated into this Agreement. <br />2. TERM AND TERMIlVATION. <br />2.1. The term of this Agreement shall commence as of the date first above written and, unless sooner <br />terminated in~accordance with the Agreement, shall continue until <br />2.2. Provided Sports Endeavors Inc. is not in default hereunder, Sports Endeavors Inc. shall have the <br />option to extend the term of the this Agreement for an additional three (3) years at a mutually <br />agreed upon yearly investment. Sports Endeavors Inc. can exercise its option by providing <br />written notice to Orange County of Sports Endeavors intent to renew no later than <br />2.3. Sports Endeavors Inc. shall have the right to terminate this Agreement upon 30 days written <br />notice to Orange County in the event of the occurrence of any of the following contingencies: <br />2.3.1. If Orange County is not using its best efforts to utilize the Facility to its potential and <br />Sports Endeavors Inc. is not receiving the desired brand exposure; or <br />2.3.2. If Orange County is adjudicated as insolvent, declares bankruptcy or is otherwise unable <br />to perform its management duties for the Facility, or <br />2.3.3. Upon material breach of any provision of this Agreement by Orange County, if such <br />breach is not cured within thirty (30) days after Orange County's receipt of written notice <br />from Sports Endeavors Inc. <br />2.4.Orange County shall have the right to terminate this Agreement upon written notice to Sports <br />Endeavors Inc. in the event of the occurrence of any of the following contingencies: <br />2.4.1. If Sports Endeavors Inc. is adjudicated as insolvent, declares bankruptcy or is otherwise <br />unable to pay its debts when due; or • <br />Page 1 of 7 <br />