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2.0 TERM. 2.01 Term. The term of this Agreement shall commence on January 1, 2011 (the "Effective Date ") and continue until December 31, 2016. 2.02 Extension. CITY and LIFETIME TENNIS shall have the right, but not the obligation, upon their mutual agreement to extend the term of this Agreement, subject to such additional or other terms and provisions as the parties may agree in writing. The preceding sentence shall not obligate either party to extend the term of this Agreement. The failure of either party to agree to an extension of the term of this Agreement shall not be deemed a breach by such party of the covenant of good faith and fair dealing. If a party is interested in pursuing negotiations to extend the term of the Agreement, the party shall provide notice to the other party not later than twelve (12) months prior to the expiration of the term of the Agreement. No less than six (6) months prior to the expiration of the term of the Agreement, the parties shall enter into an extension of the Agreement or provide notice that the Agreement will not be extended and that Section 12.0, "Transition Procedures," of the Agreement is effective. 3.0 OWNERSHIP AND MANAGEMENT OF FACILITIES. 3.01 Ownership. Ownership of the Park and Facilities, and Furnishings and Equipment acquired by CITY, and all alterations, additions or betterments, shall remain with CITY. Ownership of Furnishings and Equipment acquired by LIFETIME TENNIS shall remain with LIFETIME TENNIS, unless acquired with City funds on behalf of City or if otherwise set forth in this Agreement or determined by the parties. CITY reserves the right from time to time during the term of this Agreement, to promulgate such reasonable rules and regulations concerning the use of the Park or Facilities and any part or parts thereof, as CITY, in its sole discretion, shall deem appropriate. 3.02 Role of LIFETIME TENNIS. Subject to the terms of this Agreement, CITY hereby retains LIFETIME TENNIS as an independent contractor, and LIFETIME TENNIS agrees, to: (i) implement the policies, standards, and schedules for the operation of the Facilities in accordance with this Agreement; (ii) hire, train, and supervise the Tennis Professional and all other employees and subcontractors if approved; (iii) supervise and direct all phases of advertising and business promotion for the Facilities, in addition to the City's Activity Guide; and (iv) procure and maintain Supplies, Furnishings and Equipment necessary and appropriate for the efficient operation of the Facilities. 3.03 LIFETIME TENNIS Warranties. LIFETIME TENNIS warrants and represents that it has full power and authority to enter into this Agreement and perform the obligations in this Agreement; that consummation of this Agreement will not create a default under any other agreement and will not violate any law, regulations, order, judgment, decree or rule; that LIFETIME TENNIS has conducted its own review of the Facilities prior to execution of this Agreement; and that LIFETIME TENNIS is not relying on any representation of the CITY in connection with the execution of this Agreement. LIFETIME TENNIS warrants and represents that it is authorized to transact business in the State of California and that all of LIFETIME 3