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CITY <br /> AMENDMENT NO.2 <br /> TRANSIT ADVERTISING AGREEMENT <br /> BETWEEN THE CITY OF EVERETT <br /> AND LAMAR TRANSIT,LLC <br /> This Amendment No. 2 is dated for reference purposes June 30, 2020. It is by <br /> and between the City of Everett, a municipal corporation under the laws of the State of <br /> Washington("City")and Lamar Transit,LLC("Contractor"). <br /> RECITALS <br /> A. The City and Clear Channel, Inc. were parties to the Transit Advertising <br /> Agreement dated August 1, 2013,as amended by Amendment No. 1 dated April 12, 2018 <br /> (as amended, the"Agreement"). Contractor is successor-in-interest to Clear Channel Inc. <br /> pursuant to the assignment dated February 22,2016, executed by the parties. <br /> B. COVID-19 has had a significant impact on the Puget Sound Region and <br /> on Contractor's ability to perform under the Agreement. The parties agree this was <br /> beyond the reasonable control of Contractor. Contractor has acted diligently to remedy to <br /> the extent the Contractor has been able. <br /> C. The City also desires to re-evaluate transit advertising. Accordingly, the <br /> City prefers that the Agreement term end on December 31, 2020. The current term is <br /> until June 30,2023. <br /> D. Under the current Agreement, the Contractor is to make a $95,000 <br /> payment to the City on July 1,2020,which is the beginning of the Contract Year 3. Once <br /> the Contractor's net revenue exceeds $172,727 during Contract Year 3, then the City <br /> receives 55%of those excess revenues. <br /> E. The City and Contractor have agreed that the upfront $95,000 payment <br /> due on July.1, 2020 is no longer reasonable in light of the impact of COVID-19 and the <br /> fact that.City desires the term of the Agreement to end on December 31, 2020. Instead, <br /> the parties agree, as set forth in this Amendment, that the City will receive 55% of all net <br /> revenues during July 1,2020 to December 3 l,2020. <br /> AGREEMENT <br /> The City and Contractor agree as follows: <br /> 1. Effective from July 1, 2020 until December 31, 2020, Section 3 of the Agreement <br /> is amended to read as follows: <br /> Payment. CONTRACTOR hereby agrees to pay to Everett Transit fifty- <br /> five percent(55%)of all Contractor's Everett Transit net revenue during <br /> July 1,2020 to December 31,2020. Net revenue is defined as the <br /> gross sales less any recognized advertising agency commission. <br /> Within twenty(20)days after the end of each calendar month, <br /> 1 <br /> Jip <br />