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Article 3. Term, Default and_Termination Section 3.01. Term. The initial term of this Agreement is f ve years (the "Initial Term"} commencing on the Effective Date. This Agreement may be renewed or extended for additional renewal terms with the mutual consent of the parties. If neither party sends written notice to the other of its intent to renew the Agreement at least 90 days before the expiration of the Initial Term, then this Agreement shall terminate automatically on the last day of the Initial Term. Section 3.02. Default; Termination. The failure or refusal of a party to comply with any term, provision, or covenant of this Agreement will constitute a default by that party. This Agreement maybe terminated by either party upon a default by ? ? other party. In the event of a default by a party, the other party will give the defaulting part; w ? 'n notice of default, and, if the defaulting party fails to cure or remedy the default within 30 davc 'owing receipt of notice, this Agreement will terminate immediately without further notic , to the ? faulting party. San Marcos may suspend the supply of Treated Water under this Agri ?ment wits ? terminating this Agreement if Kyle fails to pay any amount billed by San Marc under ? action 2.02 of this Agreement, unless Kyle has notified San Marcos in writir?, 'aon? ? ,pate concerning the bill prior to the deadline in San Marcos' billing notice. Section 3.03. Termination for ?onve?? ice. It >>ndPr god and agreed between the Parties that this Agreement is entered into ?ntarily . ?y this Agreement, Kyle is supplementing its water supply, but is not dependent of '?P water supplied under this Agreement to meet its water demand. Likew? San ? 'gas exc. water supply from which it intends to meet its obligations under this ?g? ?e ?t, but is ?t obligated to sell such excess water supply and is not dependent upon the revs. ? generate l from the sale of such excess water. Notwithstanding any other provision in try. ? green ant, therefore, the Parties agree that either Party may terminate this Agrees ?1_ ,?r any ?, ? by providing sixty ?60? days' written notice thereof to the other. T? the e ent r ? ?h +ermination under this Section, both Parties shall cooperate to fulfill Lny ooliga?_ ??s ema? ;through the effective date of termination. With respect to the ter ,notice and all ther provisions under Sections 3.01 and 3.02, it is further agreed that s?? ?a p? 'dons are subs ?o this Section, but that the Parties will, nonetheless, endeavor to allow su. provisions in their sole discretion before exercising their termination option under this Section. ? .rticle 4, Miscellaneous Provisions Section 4.01. Regulatory compliance. The obligations of Kyle and the San Marcos under this Agreement are subject to all applicable federal, state and local laws and regulations currently in effect and as amended or modified from time to time the "Laws and Regulations"). San Marcos is responsible for compliance with the Laws and Regulations that apply to the San Marcos Treatment Plant and its facilities and portion of the Water Transmission Line on its property, in its easements or within its territorial limits. Kyle is responsible for compliance with the Laws and Regulations that apply to its facilities and portion of the water Transmission Line on its property, in its easements or within its territorial limits. 4