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