HomeMy WebLinkAboutContract 53535-T1 / CITY SECRETARY
CONTRACT NO.
JUN 2 2 2020 TERMINATION AND RELEASE AGREEMENT
Trust Fund Event Support Contract
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C�rrUFroRT�NORTH City Secretary Contract Number 53535
This TERMINATION AND RELEASE AGREEMENT("Termination Agreement")
is made and entered into by and between the CITY OF FORT WORTH ("City"), a home-rule
municipal corporations, acting by and through its duly authorized representative, TEXAS
MOTOR SPEEDWAY, LLC ("TMS"), a limited liability company; and the NATIONAL
ASSOCIATION FOR STOCK CAR AUTO RACING,LLC ("NASCAR"),a limited liability
company. The City, TMS and NASCAR are collectively referred to herein as the "Parties".
The following statements are true and correct and form the basis upon which the parties
have entered into this Agreement:
WHEREAS,City, TMS, and NASCAR are currently parties to an Event Support Contract,
pursuant to which the City has agreed to reimburse certain costs relating to the NASCAR's 2020
O'Reilly Auto Parts 500 Monster Energy NASCAR Race Weekend from March 26-29, 2020, the
same being Fort Worth City Secretary Contract Number 53535 ("Agreement").
WHEREAS, due to the recent events surrounding COVID-19,NASCAR has rescheduled
its 2020 O'Reilly Auto Parts 500 NASCAR Race Weekend to July 17-19 2020; and
WHEREAS, this change will require the submission of a new application to the EDT to
establish a new Event Trust Fund.
NOW,THEREFORE,in consideration of the mutual covenants, promises and obligations
contained herein, the parties agree as follows:
1. The Parties agree that the recitals set forth above are true and correct and form the basis of
this Termination Agreement.
2. The Agreement is hereby terminated effective as of June 10, 2020.
3. NASCAR and TMS, and their officers, representatives, successors,and assigns, do hereby
fully, finally, completely, generally, and forever release,discharge, and relinquish the City, and its
respective officers, directors, elected officials, current and former employees, agents, attorneys,
successors,and assigns from any and all claims, actions, demands, liens, and causes of action of
whatever kind or character,at law or in equity, whether known or unknown; present or future;
liquidated or unliquidated; asserted or un-asserted;joint or several; matured or unmatured; direct,
indirect, or derivative; or fixed or contingent that Company has or might claim to have against the
City related to the Agreement.
4. This Termination Agreement may be executed in multiple originals each of which shall be
deemed an original for all purposes.
Termination Agreement for Events Trust Fund Agreement C1 TAR16f-
5. If any action, whether real or asserted, at law or in equity, arises on the basis of any
provision of this Termination Agreement, venue for such action shall lie in state courts located in
Tarrant County, Texas or the United States District Court for the Northern District of Texas—Fort
Worth Division. This Agreement shall be construed in accordance with the laws of the State of
Texas.
6. This Termination Agreement contains the entire understanding and agreement between the
Parties as to matters contained herein. Any prior or contemporaneous oral or written agreement is
hereby declared null and void to the extent it is in conflict with the terms and conditions of this
Termination Agreement.
7. All terms in this Termination Agreement that are capitalized but not defined shall have the
meanings assigned to them in the Agreement.
IN WITNESS WHEREOF,the parties hereto have executed this Termination Agreement in
multiples.
CITY OF FORT WORTH TEXAS MOTOR SPEEDWAY,LLC.,
a Texas limited liability company
By: By. _
Jay Chapa Eddie Gossage
Deputy City Manager President and General Manager
Date -Xn Date: 6-12 2oZo
APPROVED AS TO FORM NATIONAL ASSOCIATION FOR STOCK
AND LEGALITY: CAR AUTO RACING,LLC.,
a Florida limited liability company.
Tyler F. Wallach Steve O'Donnell,Executive Vice President
Assistant City Attorney Racing Operations and Chief Racing
Development Officer
Date: 6/11/2020
CITY SECRETARY
FT. WORTH,TX
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City Secretary
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CITY OF FORT WORTH USE ON
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Contract Compliance Manager:
By signing I acknowledge that I am the person responsible
for the monitoring and administration of this contract, including
ensuring all performance and reporting requirements.
Brandy agner
Progra Coordinator
Contract Authorization:
City Council Resolution Number 3513-08-2007
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Mr. WORTH
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