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<br />- l';;:;':':U'::1b .1 j';-4:~ r:U i tl55o~HI .\SC If1I 01-1.' 015 <br /> I <br /> ocher pany to this agreement on such terms ond conditions as they may agree among themsdyes. I <br /> No party ,hall a<tempc to or sell, partition or alienate its illterest in tne Facility or in rhis agreement <br /> to a non-party wirhoLlt first offering Sllch ;nrerest to che other parries to this agreement Llnder such -- <br /> rel'ms conditions and pJ'OccdLlres as may be detcrmined by rhe Joint Board. If rhe Joint Board fails <br /> [0 enact [enns procedures and conditions for morc than 60 days after norice ofintenr [0 alienate <br /> given to the Joint Board at the address of MASC. Thc party may sell, parririon or alienare its <br /> inl:eresr a.s ir: sees fir. Norwlthsunding rhe above, any ali~nation of interc.st must be substancially I <br /> equivalent lor financing purposes such rhat rhe security inceresrs of Anoka County are not <br /> diminished, and shall be subject to Anoka County's approval, whicn shall not bc unreasonably <br /> withheld, No such sale, parcition or alienation shallrelievc a parry of its obligariolls Lll1dcr E(l)(b) or I <br /> G(l)(d) excepr as SCt forch except"' ser fotth in E(l)(iii). FLlrrhermore, no such sale, partition or <br /> alienarion, or use of the Facility, may be made which wOLlld have the effecr of causing rhc Bonds to <br /> be classified as "private activity bonds," <br /> IX AMENDMENTS I <br /> This agrcemenr may nor be amended except by Llnanimous yore of the undersigned or thcir <br /> succeSSOl'S in offLce or interest as rhe case may be. I <br /> X. STATE AUDITS <br /> The books, records, documents and accounting procedures and practices of MASC and rhe <br /> J oint Board relevant to rhis comracr shall be subject to cxamination by the MASC and the I <br /> Lcgislaciye Audiror. <br /> XI. END OF TERM-RIGHT OF RENEWAL I <br /> If at the end of rhe term of this agreement, the MASC and the majority of rhe Board of <br /> Din:CCOfS clcc;t to conrinue to operate the f<lciliry as a[ lease a four surface ice arena each party may <br /> renew irs scheduling rights pursLlant to rhe following terms and conditions: .. <br /> A. No fUrther guaranrees of remal revenue are rcquired from the party <br /> B. M.A.SC with consultation with rhc parties will establish reasonable operation ,nd I <br /> capical reserves <br /> C. "Profits" ,bove rhose required for operaring reserve pLlrposes shall be distribured pro I <br /> ra~' to thc parties under such rerms and condirions as are determined by the Joint Boatd, <br /> D_ Each party may renew i" rights in five year extensions for as long"' the facili,y is <br /> operated as a spom I:lCility. I <br /> E_ If a party elects nOt co renew its scheduling riglus at the end of the original or <br /> exrcnded retln of rhis agrcemenr rhat patty will be paid its pm rata share of the operating and I <br /> capiral improvemenr reserve ilccoun tS and shall have: no funher rights or inrc:n:sr in the <br /> facility.' <br /> F Other reasonable rerm, and conditions and procedures may be imposed by theJoim I <br /> Board relating [0 renewal or non renewal of scheduling righrs, <br /> XII. APPROVAL I <br /> This agreemcnr is aurhorized and execured pLlrmanr co MinneSota SrarLlteS Sccrion 471.59. <br /> I <br /> 12 .. <br /> I <br />