Agenda - 01-22-2015 - 6k - Laserfiche WebLink

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VII. 25 Orange County Board of County Commissioners may be required. As to other amendments, the Orange County Manager may approve. EXPIRATION /TERMINATION OF LICENSE A. Option to Purchase, Renewal 1. Beginning in year ten (10) of this Agreement and/or upon expiration of the initial term of this Agreement, the Licensor shall, pursuant to and consistent with the terms of this Agreement, and with the mutual agreement of both the Licensor and Licensee, have the option to purchase Licensee's Facilities at Fair Market Value (the "FMV "). 2. Fair Market Value shall be determined by an appraiser or CPA. The cost of determining the FMV shall be that of the Licensor. In the event of a dispute regarding the appraisal, Licensee shall have appraisal completed and the average of the two appraisals shall serve as the FMV. Licensor may exercise this option at any time after the expiration of the initial term. 3. Beginning in year ten (10) of this Agreement and/or upon expiration of the initial term of this Agreement, the Licensor shall, pursuant to and consistent with the terms of this Agreement, and with the mutual agreement of both the Licensor and Licensee, have the option to renew the existing Agreement for an additional six (6) year period. B. Termination In the event of default as described in License upon written notice to Licensee notice shall be thirty (30) days. C. Holding Over Section VII. E. below, Licensor may, at its option, terminate this Except where a different time is set forth el3ewhere herein, said Should Licensee hold possession of the Premises or any portion thereof after the date upon which the Premises are to be surrendered, Licensee will become a Licensee on a month -to -month basis upon all the terms, covenants, and conditions of this License except those pertaining to the License term. Licensee will continue occupancy from month -to -month until terminated by Licensor or Licensee by the giving of thirty (30) days' written notice to the other. Nothing contained herein shall grant Licensee the right to holdover after the term of this License has expired. D. Non - Waiver Failure of Licensor to insist on strict performance of any of the conditions or provisions :)f this License or to exercise any of the rights hereunder shall not waive such rights. E. EVENT OF DEFAULT It shall be an Event of Default if any one or more of the following events shall occur: 1. Licensee shall default in the payment when due of any Rent or other sum of money specified hereunder to be paid by Licensee, and Licensee does not remedy such default within ten (10) days after written notice thereof from the Licensor (provided, however, that the Licensor shall not be required to provide such notice with respect to more than two payments required during any calendar year during the term hereof); or VA