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• ~~ <br />ease return t is copy to <br />Clerk to the Board's office for PAF '1~7F-~ - <br />FACILITY NAMING <br />AND <br />SPONSORSHIP AGREEMENT <br />This Facility Naming Agreement ("Agreement"} is entered into this day of July 23, 2009, between <br />Sports Endeavors, Inc., a North Carolina corporation with offices located at 431 US Highway 70A East, <br />Hillsborough, NC 27278-9912 and Orange County, North Cazolina hereinafter referred to as "Orange <br />County," pursuant to Gen. Statute 160A-460 et seq., and other applicable laws. <br />WHEREAS, Orange County is constructing the West Ten Soccer Center ("Facility") located on West <br />Ten Road in Efland North Carolina; and <br />WHEREAS, the Facility will be utilized by local, regional, state and national organizations, among other <br />uses; and <br />WHEREAS, 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 aze herby incorporated into this Agreement. <br />2. TERM AND TERNIINATION. <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 June 30, 2014. <br />2.2. Provided Sports Endeavors, Inc. is not in default hereunder, Sports Endeavors, Inc. shall have <br />the option to extend the term of the this Agreement for an additional five (5) 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 January 1, <br />2014. <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 />