Agenda - 06-19-2012 - 5o - Laserfiche WebLink

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37 COUNTY OF ORANGE CONTRACT RENEWAL WHEREAS a Management Agreement was made and entered into as of the fifteen day of December, 2005, by and between Orange County, North Carolina, a political subdivision of the State of North Carolina ( "the County "), and Recreation Factory Partners, LLC ( "RFP "); AND, WHEREAS, the County and the RFP desire to renew the contract, mutually agree to the following: Section 3.2 shall be modified to read as follows: The Term of this Renewal shall commence on July 1, 2013 and end at midnight on June 30, 2018. The Renewal will be automatically extended for an additional five -years commencing on July 1, 2018 through June 30, 2023 provided the aggregated prior five(5) year operating revenues exceed aggregated five (5) year operating expenditures by a combined, nominal amount of a guaranteed $1.2 million. The County shall, however, with cause, have the right, to terminate the Agreement by giving no less ninety (90) days prior written notice of such termination to RFP. 2. Section 4.1— Management Fee —shall be modified to read as follows: As compensation to RFP for providing the services herein specified during the term of this Renewal, the County shall pay RFP a Management Fee in the sum of $11,699 per month, plus reimbursable expenses substantiated by RFP, in an amount not to exceed $1,288 per month, said Management Fee to be increased by 3% annually, effective each July 1 during the renewal period(s). The foregoing compensation shall be payable on or before the last day of each month during the Term, and RFP, provided it is not in default (as described in Section 12.1) hereunder, shall be entitled to draw such amounts from the account described in Section 5.6 as amended on June 13, 2006. 3. All other terms and conditions shall remain the same. This agreed to the 19th day of June, 2012.