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<br /> CITY NEW BRIGHTON TEL:6382044 Rug 19'96 16:57 No.024 P.05iif-l <br /> -......."'11. ..... <br /> In the eVCDt that IIllY party fall, 10 .e<;uro ronlll Jncome ws obJJgQ~ above, such party will pay . <br /> llx: 1llII't:n:1I~ lJctw""" !..c.....", ,"""u...:d a.nd ;IICOlllC ubliaated wiiJl;" 30 \Ill)" ..ft", dCIJIIl",lloy <br /> MASC, -I <br /> F. SCHBDULING AND PR.OORAMMlNO <br /> ScheduUng aDd programming policies shall be deletmined by Ihe board o( directors except thai <br /> 1llhcc1uIiTIJ may not be lncOllllltmt with this agreement. Bach party hal .ole dlscrelloD ill solledul. <br /> inJ and proilammine Jill priority haUl'll DOl inconaulent with lIlIs ~meDl I <br /> O. FlNANClNO OPBRATIONS <br /> ApproJlCiate books and records rcpleSenting the operating re~nue~ lIIld ellpcn~e~ and capitll! aslSe18 I <br /> and llabllltlel relatlnglO the facility ~hall be maintained by MASC, The following reserve <br /> accounl, ,hall tw. mllintajne(!, <br /> I, Appllclllton ot RcvenullB I <br /> All Revenues pnerllled by the faclllty Inc1ualllg concegslons, rental lIDd admissIons shall first <br /> be applied to timely rcductiOIl5 of principlli lIIld inl=re!t un the debt t1nlIIlcing of the (aciJil)', I <br /> ^fIer sucb pll)'menta lUO OIUnIlI, ...DlAlninS ",v,n"", shall be applied to optralins expon... <br /> beCorc application to III)' other purpose. <br /> 2. Operll1ing bserv8 I <br /> In tlu: event tblll revenllllS exceed COAti such thai tbe facility has "profit from operations" such <br /> profit wll1l,.., lll>oip<! Iv Il1l opcraLl.,. ~oorvc until .lIC>h I'O$C/'VC hili rcaehed all lIlUDllnt dot:cr- I <br /> mlnocI by tho board, <br /> 3. Capital ~t ftI_ .. <br /> After the opecallng re.serve rellC~ the maximum amount required under plU'llgrapb <br /> V.G.1 above, MWttIonaJ -pronu" ahatl be wlgned Ul a capital Improvement lIIld repair rellerVC. <br /> 4. Addillonal Profits I <br /> Should the fllC'lli~ Fn....At. "protlUl" 10. OIlCOSI of the lIIII.OUnb necellllll)' to mllinlllin the ubuve <br /> resttVeli. Ihe board of dimc:tom shall divide t1w8e prolili Qt the rale of 20% 10 ellCh parry. , <br /> H OPaRATINO RXPBNSBS <br /> MASC will be responsIble for !he operldlQn of the fllCility and no other part)' SbAIl be required to I <br /> wnlrlbult: WI)' lWlUWll3 Jlot requited PUUUAI1t '0 pangraplis IV (FINANCING) and v.n. <br /> (Guarllltce) of tbJa agreement. As PIrI of the consideration for *ucb ulldertaking by MASC, MASC <br /> 1I1lI)' sell products and ICl'\'lces cOllummly know as "conceM10lll" III lbc faclllly and the revenues I <br /> and 8xpenSaQ relat1lls to corn:e$~lon. shall ~ to MASC an.cInot 10 theo ot~-I" pmlea to this <br /> ~nt, <br /> VL CONSTKUCI'lON OF FACILITY I <br /> MASC will be responsible III all reapeclli for the dcsip IIIld con81ruction of the facility. MASC may <br /> dclo,lIlC or COIIlrllllt 8UOh respoaslbllily lIB It _ fit. I <br /> I <br /> 4 .. <br /> I <br />