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<br /> -3- <br /> V. <br /> The City Council specifically stipulates and the Chamber <br /> hereby agrees that no less than Seven Thousand Dollars <br /> ($7,000) or one half (1/2) of one per cent (1 %) of the annual <br /> gross of all funds collected by City and paid to Chamber <br /> under this Agreement from the hotel room occupancy tax, <br /> whichever is greater, will be allocated annually to those <br /> uses set out in Section 26-21(d) of the ordinance. However, <br /> under no circumstances will more than twenty-five per cent <br /> (25%) of the funds paid to Chamber be spent for the purposes <br /> set out in Sect.ion 26-21(d), nor will any funds be awarded to <br /> any taxing entity. <br /> VI. <br /> The term of this Agreement shall be from the date of its <br /> execution by both parties until and including December 30, <br /> 1986. It is expressly agreed that either party may cancel <br /> this Agreement by tendering written notice to the other. <br /> Upon expiration of thirty (30) days from the date of said <br /> written notice, this Agreement shall become null and void. <br /> Any funds allocated to Chamber by City which are unencumbered <br /> or unexpended on -the effective date of the termination of <br /> this Agreement shall be remitted to City on or before the <br /> expiration of thirty (30) days from the date of the <br /> termination. <br /> WITNESS OUR HANDS this 16 day of January- ' <br /> -- <br /> 198 6 . <br /> - <br /> THE CITY OF SAN MARCOS, TEXAS <br /> BY'~ ~ <br /> 1MIE CRADDOCK, MAYOR <br /> Attest: <br /> 1.8 K. Womack <br /> City Secretary <br />