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. . . D. The parties desire to terminate the Contract arnicably, on mutually acceptable terms, at the conclusion of the 2005 season, and for HCJV to operate it until that time. This instrument embodies the terms by which they do so. AGREEMENT 1. The Contract between the parties shall remain in effect, including, but not limited to, all reporting requirements. All terms of the Contract shall remain effective, except as modified expressly or by necessary implication by this instrument. 2. Owner will pay HCJV $300,000 for all equipment at Harbor Center purchased by HCJV for operation of the facility, including all food service equipment, sound equipment, office equipment, and structures. HCJV will provide to Owner at closing a bill of sale or other instruments of conveyance reasonably acceptable and customary for such transactions. This payment by Owner to HCJV will also serve to release claims of Owner against HCJV for rent and facilities fee plus any applicable interest and penalty thereon owed under the Contract but not paid. The closing shall be on or before April 15, 2005. Payment will be by certified check or wire transfer. 3. Owner will pay HCJV up to $350,000 for guaranteed artist fees paid by HCJV in 2003 and 2004 for concerts that were cancelled because of Hurricane Isabel, subject to HCJV providing copies of all available cancelled checks, wire transfers, or similar documents showing payment of artist fees to W. H. "Bill" Luther ("Luther"), a consultant employed by the City whose integrity is accepted and respected by HCJV. The payment by the City shall be made on or before July I, 2005. Payment will be by certified check or wire transfer. Draft 1.3B -2-