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3 <br /> FACILITY NAMING <br /> AND <br /> SPONSORSHIP AGREEMENT <br /> This Facility Naming and Sponsorship Agreement("Agreement") is entered into as of this Pt day of <br /> July, 2024, between Sports Endeavors, Incorporated, a North Carolina corporation with offices located <br /> at 431 US Highway 70A East, Hillsborough,NC 27278-9912 ("Sports Endeavors") and Orange County, <br /> North Carolina hereinafter referred to as "Orange County,"pursuant to Gen. Statute 160A-460 et seq., <br /> and other applicable laws. <br /> WHEREAS, Orange County has constructed and is operating the Soccencom Center("Facility") located <br /> on West Ten Road in Efland,North Carolina; and <br /> WHEREAS, the Facility is utilized by local, regional, state, and national organizations, among other <br /> uses; and <br /> WHEREAS, Sports Endeavors desires to renew its sponsorship of the Facility in return for certain <br /> benefits as set 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 hereby agree as follows: <br /> 1. RECITALS. The recitals set forth above are hereby incorporated into this Agreement. <br /> 2. TERM AND TERMINATION. <br /> 2.1. The term of this Agreement shall commence July 1, 2024 and, unless sooner terminated in <br /> accordance with the Agreement, shall continue until June 30, 2029. <br /> 2.2. Provided Sports Endeavors is not in default hereunder, Sports Endeavors shall have the option <br /> to extend the term of this Agreement for an additional five (5) years at a mutually agreed upon <br /> 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, 2029. <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 /> Page 1 of 12 <br />