Common use of Purpose and Duration Clause in Contracts

Purpose and Duration. The purpose of this Agreement is to create a cooperative undertaking between LPS and City recognizing that both parties have public facilities that will benefit from development of joint uses on an ongoing basis. City and LPS desire to pursue shared uses on the Properties by both LPS and City so as to fulfill their responsibilities to the public at a lesser cost than if each acted independently. This Agreement shall be in full force and effect for a term of ninety-nine (99) years from and after the execution of this Agreement by the parties and shall continue thereafter from year to year until terminated as provided herein except as amended with the mutual written agreement of the parties.