CCP 01-27-1997 - Laserfiche WebLink

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U..L' "'''' 1;1 i T't-:-rr r."1..l.. I O')VU~;;:J .~ .)\... -. ~--vi.-r ul:{- - (I) Cammencing an rhe dare rhat na Bands remain autsranding under 1 rhe Band Dacuments, all Guaranteed Rental Income, anyamaunts remaining under the Band Dacuments afrer the Bands are na langer e, autstanding, and any praceeds afbusiness interruprian insurance (and [0 """em of any sharrf:tlls, any orner revenues advanced by MASC pursuant ra paragraph (b) shall be applied in the fallawing arder af priarity: (1) the paymenr af Operaring Com af rhe Facility; I (2) In the event thar revenueS under this paragraph exceed CaSts such mar rhe Facility has "prafit fram renral incame" such profit will I be assigned ta an aperaring reserve umil sum reserve has rcached an amaunr equal [0 ane year aperaring expense, (3) after the aperating reserve reaches me maximum amaun t . required under paragraph (2) abave, addirianal "prafits" shall be assigned to a c:apital improvement and repair reserve in su,h amount as ir derermined by rhe Jaint Baard (bur nar less man $250,000); and . (4) any "prafits" in excess af the amaunts necessary ra mainrain rhe abave reserves, shall be allacared by me Joint Board pra rara ta . each party based upan meir G=anreed Hours. H. OPERATING EXPENSES MASC will be respansible far rhe operarion af rhe facility and na arher party shall be . required ro eon"ibure any amounts nar required pursuanr to paragraphs II (Financing) and IILE(Use) and IV (Constructian of Facility) of rhe agreemem. As pare af rhe consideration far such undertaking by MASC, MASC may sell produc[S, services and signage commanly known as "cancessians or "sponsarship' ar the facility and rhe revenLJeS and expenses e' relating ta concessions shall accrue [0 MASC and nar ta ,he amer parries [0 rhis agreement excepr as required under paragraph III(G)l(b). Norwirhsranding me abave, MASC shall cantribute rhe ncr profir fram "concessions " . and "sponsorships" at rhe facility ro the benefir af rhe facility. Ar thc oprion afMASC, such contriburian may be used for either capim, operarion, reserve ar program purpases. I IV. CONSTRUCTION OF FACILITY MASC will be respansible in all respeers far rhe design and canstructian af ,he facility. MASC may delegare or comraCr such respansibility as ir sees fir. . The DOWN PAYMENT pamon af rhe financing shall be made by rhe Subdivisians as fallaws: . First Parr - $250,000 afrer design appraval pursuanr ra this paragraph IV. Second Part - $250,000 90 days after first par' payment. The DOWN PAYMENT pamon of the financing sh:til be made by Ramsey County on I behalf af MANS as follows: firS( Part - $100,000 ,f<or design approval pu""....nt to chi. paragraph IV. Second Part - $400,000 90 days after first part paymenr. I Prior ta rhc payment of any part af ,he DOWN PAYMENT portion af the financing MASC will submit a proposed design ro the ather parties. The design shall provide for four (4) . Olympic siud ice surfaces wim permanem seating capacity of not less than 400 seatS per rink and 10 .. .