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<br />.l~,;;::u'~ti l' : 4!j r.1.~.!.. (:j;);)ti~~ .\.:;c <br /> I4l 01.2/ U15 <br /> I <br /> (I) Commeneing on the date that no Bonds remain outstanding undet I <br /> the Bond Document', :<11 Guaranteed Rental Income, anyarnoums <br /> remaining Llndel' the Bond Documents after the Bonds are no longer .. <br /> outsunding, and any proceeds of business intcrruption insurance (and to <br /> exrent of any shortfalls, any other revenue.< advaneed by MASC purmanr [Q <br /> paragraph (b) shall be applicd in the following order of priority: <br /> (I) rhc paymem of Operating CostS of rhe Facility; I <br /> (2) In rhe evenr rhac revenues undct rhis paragraph ",c"ed COStS <br /> such rhar the Facility has "profir from remal income" such profit will I <br /> be assigned [0 an operating reserve: until such reserve: has reached an <br /> amOunr equal to one year operadng expense::. <br /> (3) aner [he operat:ing reserve reaches rhc: maxilllum amoun[ I <br /> required Llnder paragraph (2) above, additional "profits" shall be <br /> :l.Ssigned to a capital improve.menr and repair reserve in such amounr I <br /> as ir determined by ,he Joim Board (but nor less than $250,000); and <br /> (4) any "p(ofirs" in c:xcess of rhe: amounrs necessary (0 Inainrain <br /> rhe above reserves, shall be allocated by rhe Joint Board pro rata co I <br /> each party based upon their Guarameed Hours. <br /> H, OPERATING EXPENSES <br /> MASC will be responsible for the operacion of the facility and no orhet party shall be I <br /> required [Q contribute any amounts not required pursuanr [Q patagraphs II (Financing) and <br /> IIl.E(Use) and IV (Construction ofhcility) of the agreemem. As pm of the considerarion <br /> for such Llndertaking by MASC, MASC may $ell prodllCIS, services and signage commonly .. <br /> known as "concessions" or usponsorship" at the faciliry and (he revenues and expcnsi;s <br /> relating ro concessions shall acerue to MASC and not to the other parrie, to ,his agreement <br /> "xcep' as reqLlirtd undet paragraph m(G) 1 (b). <br /> Norwithstanding thc above, MASC shall comribLl,e ,he ne, profit from "concessions " I <br /> and "sponsorships" ar rhe facility ro the benefit of the facility. At the oprion of MASC, such <br /> conrribution Inay be used for etcher c:apiral, operarion. rcsc:rvt or program purposes.. I <br />IV. CONSTRUCTION OF FACIUTY <br /> MASC will be responsible in o.ll respects for rhe design and consrrLlction of thc facility. <br />MASC may delegare or contract such responsibility as it sces fi[. I <br /> The DOWN PAYME1'.'T portion of rhe financing shall be made by all patries excepr MASC <br />as follows: I <br /> Firsr Parr - $250,000 afcer design approval pursuanr co rhis paragraph IV. <br /> Second Part - $250,000 90 days afrer first parr paymen t. <br /> Prior to the paymcm of any part of the DOWN PAYMENT portion of the financing I <br />MASC will submir a proposed design ro rhe orher patties. The design shall provide for four (4) <br />Olympic ,,,,ed icc SLlrface.< with permanent seating capacity of nor less rhan 400 seats per rink and <br />provision for a' leasr 400 temporary seats which are available for use ar anyone of ,he rinks. In I <br />addition, dle design will ptovide adeqLlatdy for equip men" locker rooms, concessions and toikr <br />areas and all other sp.ce and equipmenr reasonably necessary for the operation of the facility. <br /> Each party shall have at leasr 30 days to review ,he proposed design. After rhis 30 day review I <br /> 10 .. <br /> I <br />