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418 Agreement, Patents & Gaumont Cos.
18. It is further mutually covenanted and agreed by and between the Licensor and Licensee that unless sooner terminated as hereinbefore or hereinafter provided, this agreement and the license granted thereby shall take effect on the day and year first above written, and shall continue until June 20, 1910, but that the Licensee may renew this agreement and license thereafter from year to year upon the same terms, conditions and stipulations as herein provided, by giving notice to the Licensor on or before April 20th of each year, beginning with the year 1910, of the Licensee's election to so renew this agreement and license, and upon the giving of each such notice this agreement and the license thereby granted shall be considered and treated by the Licensor and Licensee as renewed for a period of one year, beginning June 20th of the year following such notice, except that the last renewal period shall be for the period from June 20th, 1914, to August 26th, 1919, the date of expiration of the Letters Patent No. 707,934.
It is further mutually covenanted and agreed by and between the Licensor and Licensee that if, during said original term or during any such renewal period, either party should, knowingly or through gross neglect or carelessness, be guilty of a breach, violation or non-performance of its covenants, conditions and stipulations, resulting in substantial injury to the other party, and should, for the period of forty (40) days after notice thereof from the other party, persist therein or fail to correct, repair or remedy the same, then in such case the party aggrieved may terminate this agreement by giving notice in writing to the guilty party of its intention so to do. It is, however, mutually covenanted and agreed by and between the Licensor and Licensee that if the guilty party should correct, repair or remedy such breach, violation or non-performance of its covenants, conditions and stipulations within the said period of forty (40) days after such notice, and should thereafter knowingly or through gross neglect or carelessness be guilty of a second breach, violation or nonperformance of its covenants, conditions and stipulations, resulting in substantial injury to the other party, then and in such case, the party aggrieved may terminate this agreement by giving thirty (30) days' notice in writing to the