Common use of Term and Commencement Clause in Contracts

Term and Commencement. This MOU will commence as of the date in which the corresponding lease document (L-2313) is executed in accordance with State policy and will continue for a period not to exceed five (5) years (hereinafter called the INITIAL term), unless sooner terminated as provided for herein. During this initial term, CITY proposes to undertake certain improvements as delineated in Section 7B (also see Exhibit B). Further, during the initial term of this MOU, parties shall jointly endeavor to develop a FACILITY Masterplan. Improvements identified for the FACILITY Masterplan are not mandated as a result of this MOU and are dependent upon funding and approval from all vested interests (i.e., FDC and CITY). FDC and CITY agree to meet and confer upon the schedule of improvements and length of future terms. If agreement on FACILITY Masterplan is not achieved during the initial term, this MOU may be terminated in accordance with the terms and conditions as specified in the subject lease (L-2313) or as provided for hereinafter in Section 12 prior to the expiration of the MOU, or it may be extended by mutual agreement of the parties as allowed by State guidelines.