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ARTICLE 5. TERM AND RENEWAL
5.01.- Initial Term.
The "Initial Term" of this Franchise Agreement shall be ten (10) years from the Effective Date hereof, unless sooner terminated pursuant to Section 13.02 hereof. You specifically acknowledge and agree that in the event the term of the lease which you negotiate for the Approved Arena does not equal the Initial Term of the Franchise Agreement, you shall bear the total risk of not being permitted to remain at the Approved Arena for theentire Initial Term of the Franchise Agreement. In the event you are not permitted to remain at the Approved Arena for the entire Initial Term of the Franchise Agreement, we will use our best efforts to assist you in finding another location to serve as the Approved Arena for the remainder of the Initial Term of the Franchise Agreement; however, it is specifically understood and agreed to by you that we are under no obligation whatsoever to actually find or provide another location to serve as the Approved Arena and we have made no representation that we will be able to find or provide such other location to serve as the Approved Arena for the remainder of the Initial Term of the Franchise Agreement. You further specifically acknowledge and agree that in the event you are not permitted to remain at the Approved Arena for the entire Initial Term of the Franchise Agreement, whether or not we have been able to find or provide such other location to serve as the Approved Arena for the remainder of the Initial Term of the Franchise Agreement, you shall not be entitled to a refund of any of the Initial Franchise Fee paid by you to USBL pursuant to Section 4.01 hereof.
5.02 .- Renewal Term.
Subject to the terms and conditions contained in this Section 5.02, you shall have the right to renew this Agreement for additional consecutive "Renewal Term(s)" often (10) years each upon the following terms and conditions:
(a) Upon your written request received by us not more than twelve (12) months nor less than six (6) months prior to the expiration of the Initial Term hereof, or any subsequent Renewal Term, we will notify you of the expiration date of the then current term of this Franchise Agreement and shall transmit to you a copy of the then current franchise agreement used by USBL in connection with the issuance of new franchises.
(b) Within thirty (30) days after receipt by you of said notice and franchise agreement, you shall execute and deliver two (2) executed copies of the franchise agreement and payment of the Renewal Fee (as shown in Section 6.03) to us; we shall then execute both copies thereof and return one (1) copy to you. If you fail or refuse to execute and deliver such renewal of the franchise agreement within the thirty (30) day period shall be deemed an election by you not to renew the franchise.
(c)Your right to renew this Agreement shall be subject to and conditioned upon the following conditions:
(i) At the time that you execute any new franchise agreement in connection with the franchise renewal process and at the time of the commencement of any such Renewal Term, you shall not be in default and shall have fully performed all of your obligations under this Agreement and any and all other applicable written agreements then in force and effect between you and us.
ii) In the event we determine not to renew this Agreement by reason of a default by you under this Agreement or the failure by you to fully perform your obligations under this Agreement and any and all other applicable agreements, then and in such event, we must give you notice of our intention not to renew within thirty (30) days after the date you give notice of your intention to renew.
If an act, event, omission or occurrence which would give us the right not to renew this Agreement occurs subsequent to the renewal date, we shallhave the right to terminate this Agreement as renewed in accordance with the provisions of Article 13 hereof.
Translation:
ARTÍCULO 5. Período y Renovación.
5.01.- Período Inicial.
El “Período Inicial” de este Contrato franchise is ten (10) years from the Effective Date of this contract, unless terminated earlier under this Section 13.02. You specifically acknowledge and agree that if the lease period you negotiate for the Approved Arena is not equal to the Initial Term of the Franchise Agreement, you assume the total risk of not being allowed to stay at the Stadium Approved full Initial Term of the Franchise Agreement. If you are not allowed to stay in the Approved Arena for the entire Initial Term of the Franchise Agreement, we will do our best to help you find another place to serve the Stadium Approved remainder of the Initial Term of the Franchise Agreement, but specifically you understand and agree that we have no obligation whatsoever to actually find or deliver to another place that serves Stadium Approved and we have not undertaken that we will be able to find or give that other place that serves as Approved Arena for the remainder of the Initial Term of the Franchise Agreement. You further specifically acknowledge and agree that you are not allowed to remain on the Approved Arena for the entire Initial Term of the Franchise Agreement, we or not we been able to find or deliver such other place that serves as Approved Arena for the remainder of the period Initial Contract Franchise, you will not have the right to refund of any initial franchise fees paid by you to the USBL, pursuant to Section 4.01 of this document.
2.5 .- Renewal Term.
Subject to the terms and conditions contained in this Section 5.02 You have the right to renew this Agreement for "Period (s) Renewal" extra (s) and row (s) often ten (10) years, each them under the following terms and conditions:
(a) In your written request received by us no later than twelve (12) months nor less than six (six) months prior to expiration of the period This initial contract, or any subsequent Renewal Term, we will notify you of the date of expiry of the then-current term of this Franchise Agreement and send you a copy of the exemption in force at the time used by the USBL in relation with the issuance of new franchises.
(b) Within thirty (30) days after you receive the notification and franchise agreement, you must make and send two (2) copies of the franchise agreement and payment of renewal fees (as shown in Section 6.03), at which point we will formalize both copies and return it to you one (1) copy. If you do not make and sends that renewal of the franchise agreement within thirty (30) days or if he refuses to do so, shall be deemed your choice not to renew the franchise.
(c) Your right to renew this Agreement shall be subject to and depend on the following conditions:
(i) By the time you make any new franchise agreement related to the franchise renewal process and when you start any Renewal Period , you will not be in default and will be played in full all its obligations under this Agreement and any and all other relevant written contracts in effect between you and us.
ii) If we decide not to renew this Contract for reasons of default by you under this Agreement or failure to perform fully all obligations under this Agreement and any and all other contracts, then and in that case, we will notify you of our intention not to renew within thirty (30) days after the date on which informed us of its intention to renew.
If a fact, circumstance, omission or event to give us the right not to renew this Agreement to happen after the renewal date, we have the right to terminate this contract renewed under the provisions of Article 13 of this document.
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