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<br />Page 1 of 7 <br />FACILITY NAMING <br />AND <br />SPONSORSHIP AGREEMENT <br /> <br />This Facility Naming and Sponsorship Agreement (“Agreement”) is entered into this day of July1, 2014, <br />between Sports Endeavors, Incorporated, a North Carolina corporation with offices located at 431 US <br />Highway 70A East, Hillsborough, NC 27278-9912 (“Sports Endeavors”) and Orange County, North <br />Carolina hereinafter referred to as “Orange County,” pursuant to Gen. Statute 160A-460 et seq., and <br />other applicable laws. <br /> <br />WHEREAS, Orange County has constructed and is operating the Eurosport Soccer Center (“Facility”) <br />located on West Ten Road in Efland North Carolina; and <br /> <br />WHEREAS, the Facility will be utilized by local, regional, state and national organizations, among other <br />uses; and <br /> <br />WHEREAS, Sports Endeavors desires to renew its sponsorship of the Facility in return for certain <br />benefits as set forth below: <br /> <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 hereby agree as follows: <br /> <br />1. RECITALS. The recitals set forth above are herby incorporated into this Agreement. <br />2. TERM AND TERMINATION. <br />2.1. The term of this Agreement shall commence as July 1, 2014 and, unless sooner terminated in <br />accordance with the Agreement, shall continue until June 30, 2019. <br />2.2. Provided Sports Endeavors is not in default hereunder, Sports Endeavors shall have the option <br />to extend the term of the this Agreement for an additional five (5) years at a mutually agreed <br />upon yearly investment. Sports Endeavors can exercise its option by providing written notice to <br />Orange County of Sports Endeavors intent to renew no later than January 1, 2019. <br />2.3. Sports Endeavors shall have the right to terminate this Agreement upon 30 days written notice <br />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 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. <br />2.4. Orange County shall have the right to terminate this Agreement upon written notice to Sports <br />Endeavors in the event of the occurrence of any of the following contingencies: <br />2.4.1. If Sports Endeavors is adjudicated as insolvent, declares bankruptcy or is otherwise <br />unable to pay its debts when due; or <br />DocuSign Envelope ID: EDE59A19-177F-4FF3-A201-702C7EB66D34