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<br />. <br /> <br />. <br /> <br />. <br /> <br />CONTRACT AMENDMENT AND RELEASE <br /> <br />THIS CONTRACT AMENDMENT AND RELEASE made this _ day of March, 2005 <br /> <br />by and between THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF <br /> <br /> <br />PORTSMOUTH, VIRGINIA (formerly the Industrial Development Authority of the City <br /> <br />of Portsmouth, Virginia), THE CITY OF PORTSMOUTH, VIRGINIA (collectively, <br /> <br />"Owner") and HARBOR CENTER JOINT VENTURE COMPANY, L.L.C., a Virginia <br /> <br /> <br />limited liability company ("HCJV"), provides as follows: <br /> <br />RECITALS <br /> <br />A. Owner and HCJV are parties to a contract dated July 6,2001 titled "Management <br /> <br />Contract for Portsmouth Performing Arts Center" (the "Contract"). The Contract <br /> <br />generally provides for HCJV to operate Owner's outdoor performing arts center, <br /> <br />commonly called "Harbor Center" or "nTelos Pavilion" ("Harbor Center") for a period <br /> <br />of five years, commencing in 2001 and terminating in 2006. Pursuant to Section 7.15 of <br /> <br />the Contract, the City Manager is the agent for management matters of Harbor Center, <br /> <br />and the City Attorney is the agent for legal matters. <br /> <br />B. Despite the best good faith efforts of Owner and HCJV, and for reasons beyond the <br /> <br />control of the parties, including acts of nature and unanticipated competitive and <br /> <br />anticompetitive forces, terms of the original contract need modification. <br /> <br />C. Each party has financial claims against the other, and each party has legal defenses to <br /> <br />claims of the other. While these claims need to be resolved, the parties agree that it <br /> <br />would not be in the interest of either party, or in the public interest, to resolve them <br /> <br />through litigation. <br /> <br />Draft J. 3B <br /> <br />-1- <br />