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<br />I <br /> <br />I <br /> <br />I <br /> <br />expiration of thirty 30 days from the date of the termination; provided, that if the 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 /> <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 of the 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 of the Texas Tax Code. <br />7. DEFAULT; TERMINATION <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 trustee or <br />receiver is appointed for the Chamber or for any of its property, or the Chamber files a <br />petition under bankruptcy or similar laws. <br /> <br />B. The City will notify the Chamber in writing of any default. The Chamber will take action <br />so that the default is corrected within the correction period stated in the notice. The City may, on the <br />basis of a default, withhold any payment otherwise due to the Chamber under this Contract until the <br />default is corrected to the satisfaction of the City. The Chamber will confirm in writing to the City <br />within the correction period that the default has been corrected. If the Chamber fails to timely <br />correct the default or deliver the required confirmation, the City may immediately terminate this <br />Contract. In the event oftermination of this Contract, the City may require the Chamber to remit the <br />remaining funds under this Contract to the City. <br />C. The City's pursuit of one or more remedies for any default by the Chamber will not <br />constitute an election of remedies by the City. <br /> <br />4 <br />