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and commitments as a conclil of renelivaliextensior, of tins AGREEMENT UDOn expiration <br />of the initial term and any extensions <br />2. Records Ins ecttr>n examination and Audit. <br />OPERATOR acknowledges and agrees that CITY is empowered under this Agreement <br />to inspect, examine and audit OPERATOR's books and records (including tax filings and <br />returns), to ascertain the amount of operating fees due and owing CITY or its authorized <br />agents shall have the, power and authority to conduct a full inspection, examination and <br />audit of such books and records (including tax filings and returns) at any reasonable time, <br />including but not limited to. during normal business hours In the event any Such books, <br />records, tax filings and returns cannot be made fully available within the City of Santa Ana. <br />OPERATOR acknowledges and agrees that it shall reimburse CITY for the cost of all <br />transportation, lodging, meals portal-to-portal travel time. and other incidental costs <br />reasonably incurred by CITY or its authorized agents in obtaining said full inspection, <br />examination and audit. In the event that said records inspection, examination and audit <br />determines that a net operating agreement fee payment deficiency of greater than Five, <br />Percent (5%) exists, OPERATOR acknowledges and agrees that it shall reimburse CITY for <br />the full cost of said records inspection, examination and audit reasonably incurred by CITY <br />or its authorized agents. <br />3. Term. <br />'This AGREEMENT shall start on the date indicated above and shall terminate on <br />December 31, 2020 regardless of starting date unless terminated earlier in accordance with <br />Section 9 or 10 of this AGREEMENT. The AGREEMENT will have one (1) two-year <br />extension period until December 31, 2022 exercisable by a writing executed by the City <br />Manager and City Attorney's Office with the approval of OPERATOR. <br />4, Business License Reouired. <br />A valid City of Santa Ana Business License is required for all persons engaged in <br />transacting and carrying on any commercial cannabis business activity in the City of Santa <br />Ana It is unlawful for any person or legal entity to commence. transact or carry -on cannabis <br />business activity in the City of Santa Ana without first having procured a City of Santa Ana <br />cannabis business license. <br />5. Opera ing Commercial Cannabis Business. <br />OPERATOR shall not operate a commercial cannabis business authorized under the <br />Santa Ana Municipal Code unless <br />A. It is the holder of a valid Regulatory Safety Permit issued by CITY in accordance with <br />the procedures and requirements of Article 1 of Chapter 40. of the Santa Ana <br />Municipal Code, and <br />B At such time as the State of California requires cannabis business facilities and <br />businesses to hold a valid license or permit issued by the State of California, it also <br />holds such license or permit, unless, however, such permit or license is subsequently <br />