§ 2½-22. Term of exclusive license.

The initial term of any such exclusive license shall be for a period of five (5) years beginning with the commencement date set forth in the license issued by OCOG pursuant to this chapter. The license may thereafter be renewed by mutual agreement of OCOG and the licensee for additional terms of not more than four (4) years each.

It will be presumed that the parties intend for the license to be renewed for a term of one (1) year unless written notice of an intent that the license not be renewed is delivered to the other party not less than one hundred twenty (120) days prior to the end of the term of the license then in effect.

(Ord. No. 8858, Art. III, § 2, 11-20-06)