Common use of Amendments and Renewal Clause in Contracts

Amendments and Renewal. a. This Agreement may be amended only by written instrument signed by both parties. b. Six months prior to expiration of the initial term provided in this Agreement, the parties shall meet to negotiate in good faith a renewal of the Agreement for an additional ten (10) year term, and thereafter shall meet to negotiate successive ten (10) year renewals of the Agreement. The parties in each negotiation of a renewal term shall seek to agree on a distribution of tax revenues on substantially the same basis as the one provided above, in light of the circumstances existing at that time. If this Agreement expires because the term has run, the parties agree that all of its terms, except provision 10a, will remain in full force and effect until a new agreement is reached or either party gives 30 days written notice that it is cancelled.

Amendments and Renewal. a. This Agreement may be amended only by written instrument signed by both parties. b. Six months prior to expiration of the initial term provided in this Agreement, the parties shall meet to negotiate in good faith a renewal of the Agreement for an additional ten (10) year term, and thereafter shall meet to negotiate successive ten (10) year renewals of the Agreement. The parties in each negotiation of a renewal term shall seek to agree on a distribution of tax revenues on substantially the same basis as the one provided above, in light of the circumstances existing at that time. If this Agreement expires because the term has run, the parties agree that all of its terms, except provision 10a10 a, will remain in full force and effect until a new agreement is reached or either party gives 30 days written notice that it is cancelled.