Res 2024-199 approving the third extension of the Operation and Management Services Agreement for the San Marcos Regional Airport with Texas Aviation Partners, LLC., for five years

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the terms of this Agreement entitling the City, at its election, to terminate this Agreement pursuant to Article 8. 7.0.6 The Operator will furnish to the City at such time and in such form as the City may require, financial statements including audited financial statements, records, reports, data and information, as the City may request pertaining to the matters covered by this Agreement. 7.0.7 All reports, plans, papers, data, studies, materials and any documents and records or any other work product of any kind whatsoever which has been collected or developed by Operator pursuant to this Agreement, including without limitation, all such documents and records created or stored electronically, shall be the property of the City. Operator shall keep such records available for inspection by City and all such records shall be kept and maintained in accordance with the City's records retention policy. In the event of termination or expiration of this Agreement, all finished and unfinished reports, plans, papers, data, studies, materials, and any other documents or records collected, assembled, or prepared by or for Operator pursuant to this Agreement shall be the property of the City and Operator shall promptly deliver such items in Operator's possession or control to the City;provided,however,Operator shall be entitled to retain copies of its internal work product solely for the purpose of and to the extent necessary to support its internal business records. Intellectual property developed pursuant to this Agreement shall be the property of the City. For purposes of this Agreement, "intellectual property" refers to property (such as patents, trademarks, designs and copyrights) which is the product of invention or creativity and does not exist in a tangible, physical form. 7.0.8 The Operator will retain all of its records and supporting documentation relating to this Agreement, and not delivered to the City, for a period of three years except in the event that the Operator goes out of business during that period, it will turn over, to the City, all of its records relating to the Project for retention by the City. ARTICLE 8 TERM; TERMINATION OF AGREEMENT 8.0.1 The extension term of this Agreement begins on the Effective Date established in the first paragraph of the Agreement and will continue through September 30,2030 unless this Agreement is terminated under Articles 8 or 10. 8.0.2 The Agreement may be extended for one (1) additional five-year term under the same terms and conditions. This option, if exercised, is to be executed as a contract renewal, to be issued no sooner than three hundred and sixty-five (365) days prior to expiration of each term of the Agreement, nor later than six (6) months before the final day of the Agreement period. This option to extend requires the mutual agreement of both parties. Refusal by either party to exercise this option to extend Page 25 of 34