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219\3064780.4 2 <br />acknowledge that this late charge represents a fair and reasonable estimate of the costs that City <br />will incur by reason of the late payment by Company, but the payment of such late charge shall <br />not excuse or cure any default by Company under this Agreement. The Parties further agree that <br />the payment of late charges pursuant to this Section 1.1 and the payment of interest pursuant to <br />Section 1.2 are distinct and separate from one another in that the payment of interest is to <br />compensate City for the use of City’s money by Company, while the payment of a late charge is <br />to compensate City for the additional administrative expense incurred by City in handling and <br />processing delinquent payments, but excluding attorneys’ fees and costs incurred with respect to <br />such delinquent payments. Acceptance of any late fees and late charges shall not prevent City <br />from exercising any of the other rights and remedies available to City under this Agreement for <br />any other default by Company. <br />1.2 Interest. Any amount due from Company to City which is not paid when due <br />shall bear interest at the lesser of ten percent (10%) per annum or the maximum rate which City <br />is permitted by law to charge, from the date such payment is due until paid, but the payment of <br />such interest shall not excuse or cure any default by Company under this Agreement. <br />2.Nonexclusiveness of Permit. This Permit is nonexclusive and nonpossessory. <br />The Company Parties must allow access to Permit Property by representatives of City and any <br />other parties possessing prior rights, unless separate arrangements are made with such parties. <br />This Agreement is not intended to, nor shall it be interpreted to, create or vest in Company any <br />leasehold or any other property rights or interests in the Permit Property. <br />3.Prior Rights. This Permit is made subject and subordinate to the prior and <br />continuing right of City to use the Permit Property for any uses in which City is engaged on the <br />Permit Property as of the date hereof. <br />4.Term of Permit. The term of the Permit and right of entry granted hereby, <br />shall commence on August 1, 2018 (“Commencement Date”), and shall terminate on July 31, <br />2028 (“Term”). City may terminate or suspend the Permit by notice to Company following <br />Company’s breach of its obligations under this Agreement, but only if Company has failed to cure <br />such breach within three (3) days of written notice from City. Company’s indemnity obligations <br />set forth in this Agreement survive termination of the Permit for any reason. <br />4.1 Options to Extend. Company shall have the option to extend the term for two <br />(2) additional periods of five (5) years each (each option herein referred to as an "Option", and <br />each extension period herein referred to as an "Extension Period") upon all terms and conditions <br />of the Agreement, except that Company, after the second Extension Period, shall have no further <br />right to extend the term, and the Permit Fee shall be increased to the lower of: a) the then current <br />Fair Market Value Permit Fee for property comparable to the Permit Property, or b) 110% of <br />the then current Permit Fee. Each Option may be exercised only by Company giving City <br />written notice thereof no later than one hundred eighty (180) days before the commencement <br />of the Extension Period for which the Option applies. Said exercise shall, at City election, be <br />null and void if Company is in default under the Agreement at the date of said notice or at any <br />time thereafter and prior to commencement of said Extension Period to which the Option <br />applies.