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<br /> I CITY NEW BPIGHTON TEL:6382044 Hug 19'96 16:58 No.024 P.OO <br /> -- ~-.... <br /> /I-S- <br /> Prior to lbe pa)'lIlCnl Of tIIc DOWNPAYMENT portlon of the financlns MASC wJl1 $l1bmil u pro_ -.........: <br /> ~ pcscd dedsn 10 tho other parties, The design shall provide f(lr four (4) Olympic l!zed Ice .urfw:e. with <br /> pemIlIlle:nt lealiag ClIp8Clty of not Ie:ss than 400 1e8lS per rinlc.lllld provision for at le:llSt 400 temporary <br /> soal which 8tO aVailable: for use at IftY one: of the: rink~. In addition. the design will provide adeqUAtely <br /> fot equl~nt, l(l('h, rooms. L'OlK:eA8/otlI and lollot lII'llllllllQd all olher SPIICC and equipment l'Casonably <br /> _aary for the opc:n1lon of tbe facillty, <br /> Eacb party shall have at 1llllSl. 30 u..y~ IV 11lVlow tile propoac:d dcsisn, Aficr this 30 day n;y~", period. <br /> I MASC may dcmimd paymc:nl or tho DOWNPAYMENT, portion of the financing. PMymenl In full of <br /> the DOWNPAYMENT me.\ns !bill tho proposed dc:sip i. ~ of that party. Failure 10 pay within <br /> 30 daYI aft<< del1\lllld Il101116 thatlhe patty failinj to pay Ilu withdrawn from thi~ agmement And thi~ <br /> , &peOlellt shall be void u to all patllca, <br /> If the required DOWNPAYMEN'IS 8tO made, MASC will cause the faellll}' 10 be '.:onslrucled 5ubslan- <br /> , Iia1ly ill IlCCOrdanco with the propoaod doaip. <br /> SubslllIlUraI UllNili\:811011l110t ine:l'Culns tIIc ovenal! CO.I ot tho f80llJty mllY be made by A mllionl)' vote <br /> of the BoIvd of I:lirocton. <br /> I Substuatw moditlcatiOlls to IhA lIl!llp which increases the overall cost of !be: facility may be made <br /> only after a IIn....lmous vOle or tile Board of DlrecloJ'1l. <br /> I VD. EXPANSION <br /> , MAsC IIhlll1 bave (he right to ollp81l.d tho n~mber of Ice sbeet>< un ill ~.rty beynnrl fnllr J'lmvided <br /> that: <br /> .. If such expan~ion i8 Ph)iaicaUl connec:lcd to thi~ facility aU pllrtie>< ~bal1 have: pro nata right of first <br /> refusal to purchase addltionlll sclledul.ln& and progl'BlIllllinll ri~ls on sucb tennllllld condltloP8 DM III'C <br /> offerell by M....,C. <br /> I Excc:plIon; It is conlemplat<<llhal MASC in cOlUlccdon willi fillaDeing the con.tructioD of thi. facility, <br /> DIllY make certain oovenlllll_ to Anolal CCllInry in cnnnection with the operation of Columbia Ice: Arena. <br /> I In Il\ICb case. MASC sbal1 be pel1llitlcd to fulfill its covenanL<l III ! priority over rights granted by this <br /> Plfllll'llph. <br /> I VIU. DEfAULTS <br /> If au)' p8lty defaults on lIIly of ita obllgllliona uncler thi. asr-mellland such defaoll c:nnllnlll!lA ror a <br /> period in excess of 30 days after written notice is malled to such party. the other parties shall have righl <br /> -, of fil'fll refusal on all or the dot8111tin, parly's uset$, liabllllles. rIp and obUgatlo"" In CVnl",l.'L1UIl <br /> I . with tbe facilily and this aarc:ement, uoder II\Idt lenDs. condlltOOJllIDdpiuceduros 8S are detennined by <br /> the board of directorll, If no IltNr party lWIImes the IlSMlts,liabilitic:s. rightB and obligations of the <br /> I clefaulUng JlIUly. MASC 011)' dbp91lO ot them in Muoh l1lIIIlDor lIII II ...... fit. <br /> . ~~ <br /> gel ,f 1) ,rutQ ') ~Md <br /> , <br /> , <br /> ,. s <br /> I <br />