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<br />notice or any date specified after thirty 30 days from the date of the notice, this Contract shall be <br />terminated. <br />B. Any funds allocated to the Chamber by the City which are unencumbered or unexpended <br />on the effective date of the termination ofthis Contract shall be remitted to the City on or before the <br />expiration of thirty 30 days from the date of the termination; provided, that ifthe parties execute a <br />new contract to renew the Chamber's tourism promotion services and activities, the Chamber may <br />use the funds for its usual and customary expenses until the date of its first allocation of funds under <br />the new contract, when it will remit the remaining funds under this Contract to the City. <br />5. ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br />those purchased solely with Tourism Funds and to be used in the performance of this Contract. The <br />latter shall be inventoried and identified as property ofthe City. Inventory lists shall be provided by <br />the Chamber to the City. Subsequently acquired assets of this nature shall be similarly separated <br />from Chamber assets, inventoried and identified. <br />6. CONSTRUCTION <br />This Contract shall be construed in accordance with the laws of the State of Texas, and in <br />particular Chapter 351 ofthe Texas Tax Code. <br />7. DEFAULT; TERI\1INATION <br />A. The Chamber will be in default of this Contract if the Chamber: <br />1. fails to comply with any term or condition of this Contract; or <br /> <br />2. is insolvent, or makes a general assignment for the benefit of its creditors, or a <br />trustee or receiver is appointed for the Chamber or for any of its property, or the Chamber <br />files a petition under bankruptcy or similar laws. <br /> <br />5 <br />