Effective Date Term and Early Termination. This Agreement becomes effective on the date first above written upon its complete execution by the parties.
(1) In addition to any other right of termination provided in this Agreement, the parties may terminate this Agreement early under the following circumstances:
(i) Either party may terminate this Agreement without cause by delivering written notice of termination to the other party at least 120 days in advance of the termination date; or
(ii) If the City determines that the DNBA has materially breached the terms of this Agreement and has failed to cure the breach within 30 days after receiving the City's written demand for cure, then the City shall have the right to terminate this Agreement, with written notice, upon the passage of said 30 day period; or
(iii) If the City determines that the DNBA has misappropriated funds, committed malfeasance, or violated any law in providing the activities identified in the approved Budget or otherwise conducted by or on behalf of the BID, or in otherwise administering the BID the City shall have the right to immediately terminate this Agreement.
(2) Immediately following the termination or expiration of this Agreement, the DNBA will do all of the following:
(i) Terminate all of activities of the DNBA on behalf of the BID;
(ii) Pay all obligations and administration costs it incurred on behalf of the BID; and
(iii) Return to the City all remaining BID funds and all assets acquired with BID funds, which the City will hold on behalf of the BID. In the event, however, that the BID no longer exists, City will utilize the remaining funds for downtown business promotion activities.
Effective Date Term and Early Termination
