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3.2 Renewal Terms. So long as Contractor is not in default, Contractor shall <br />have the option to renew this Agreement for two consecutive five (5) year <br />terms. Each fiye -year renewal term shall commence on the date of expiration <br />of the prior term and expire on December 31' of each renewal year. <br />Either party may elect not to renew this Agreement at the end of the five -year <br />term by giving written notice to the other party by June 30th of the final year <br />of the five -year term. Contractor shall have until December 31, 2012 after <br />non - renewal notification, to clear the Laurelwood Golf Course premises of <br />Contractors personal property. <br />3.3 Contract Modifications. Either party may also, by written notice to the <br />other, request one or more modifications to this Agreement on or before <br />January 1 of each year, which both parties will negotiate and agree upon <br />prior to March 1 of the same year. <br />4. Compensation to the City. For the privilege to operate Laurelwood Golf Course, <br />Contractor agrees to pay the City in accordance with the attached schedule. <br />5. Termination. Notwithstanding any other provisions hereof to the contrary, the <br />Contract may be terminated as follows: <br />5.1 The parties, by mutual written agreement, may terminate the Contract at any <br />time. <br />5.2 Either party may terminate the Contract if the other party is in breach of any <br />provision hereof which breach continues for. more than 30 days after a notice <br />describing the breach has been given unless, in the case of a breach which <br />cannot be cured within such 30-day period, the breaching party immediately <br />initiates and diligently prosecutes a plan of curative action that is acceptable <br />to the non - breaching party. Notwithstanding the foregoing, termination for a <br />recurring breach may be made if the breach is uncured within seven days <br />after the'second notice in any twelve -month period and immediately, without <br />opportunity for cure, in the third or any subsequent notice of breach in any <br />twelve -month period. <br />5.3 The City may terminate the Contract on any date specified in a notice if <br />funding for the Services becomes unavailable or if the City determines that <br />termination of the Contract is required by the public interest. <br />5.4 City may terminate the Contract immediately and without prior notice upon <br />Contractor's failure to have in force any insurance required by the Contract, if <br />Contractor breaches the City's security requirements, if Contractor fails to <br />maintain any certificate or license required for performance of the Services, <br />or as provided in gxhibit A. <br />5.5 Contractor may terminate the Contract without liability to City by providing at <br />least one hundred eighty (180) days' prior written notice. <br />