Common use of Existing Third Party Agreements Clause in Contracts

Existing Third Party Agreements. The Parties specifically acknowledge that there are existing leases, agreements, and arrangements between the City and third parties or between WPZS and third parties. The City shall assign all such existing leases, agreements, and arrangements affecting the Zoo (as identified in Exhibit B to this Agreement) to WPZS and WPZS shall have the exclusive option (if the City had such option) of renewing such leases, agreements, and arrangements that expire during the term of this Agreement and any extensions thereto. WPZS is hereby released from its obligation to make payments due after the effective date of this agreement, under the concession contract dated January 25, 1993, which was approved by City Council Ordinance number 116574.