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<br />----------- - V..I.-. ~~5--~-'- --TT:-~~- -rA-_!.. -T6-;j-.')o;1":1 --- ------------ :,...,\.. --- <br /> l&J U.lJ. Ui... <br /> - <br /> - <br /> Ir is understood that Anoka County may require pledges of revenues received pursuanr to the - <br />Masrer Agreemenr and covenants in connecrion wirh rhe financing of rhe Facility. Such covenants. .- <br />co the exrenr inconsisrenr with this Masrer Agreement rake precedence over this Masrer Agreement. <br />VIII. ALIENATION OF INTEREST . <br /> Any party may sell, partition or alienate irs interesr in rhe Facility or in rhis agreement to any <br />orher party (0 this agreement on such termS and conditions as they may agree among rhemselves. . <br />No party shall atrempt to or sell, partirion or alienare ies interese in rhe Facility or in this agreement <br />(0 a non-party withour first offering such interesr (0 rhe orher parries (0 rhis agreemenr under such <br />rerms conditions and procedures as may be derermined by the Joint Board. If the Joint Board fuils . <br />co enacr terms procedures and condirions for more chan 60 days afrer notice of inrenr r 0 alienate <br />given to the Joint Board ar the address of MASC. The parry may seU, partition or alienare irs <br />interese as ir sees fir. Notwirhstanding rhe above. any alienation of intere$[ must be substantially <br />equivalenr for financing purposes such that rhe security inrerests of Anoka County are nOt I <br />diminished. and shall be subjecr co Anoka County's approval, which shall not be unreasonably <br />withheld. No such sale, parrition or alienation shall relieve a parry of Irs obligations under E(l)(b) or <br />G(l)(d) excepr as set forth except as set forth in E(l)(iii). Furchermore, nO such sale, partition or I <br />alienation, Or use of the Facility, may be made which would have rhe effecr of causing me Bonds to <br />be classified as "privare activity bonds." <br />IX. AMENDMENTS . <br /> This agreement may not be amended except by unanimous vore of me undersigned or chelr <br />successors in offi,c or inccrest as the ca.se may be. <br />X. STATE AUDlTS . <br /> The books, records, documents and ac_ounring pro_edures and pr"'tices of MASC and th_ <br />Joim Board relevam (0 this cOmracr shall be subjeCt to examination by the MASC and me .. <br />Legislative Auditor. <br />XI. END OF TERM-RIGHT OF RENEWAL <br /> If at the end of the term of this agreement, the MASC and the majority of the Board of I <br />Direcrors dect to continue to operate the facility as at lease a four surface ice arena each party may <br />renew irs scheduling rights pursuant to the following terms and conditions: <br /> A. No furrher guarantees of rental revenue are required from che parry I <br /> B. MASC with consultation with the: parries will establish reasonable operation and I <br /> capilli reserves <br /> C. "Profirs" above those required for operating reserve purposes shall be dimibured pro <br /> tara co the parties under such terms and condirions as are derermined by the Joint Board. . <br /> D. Each parry may renew irs rights in five year extensions for as long as the facility is <br /> operated as , sportS facility. . <br /> E. If a party elects not to renew irs scheduling righrs 3[ me end of the original or <br /> extended tetm of chis agreemenr rhar party will be paid its pro fa," share: of the operacing and I <br /> capital improvement reserve a""ounrs and shill have no furrher righrs or interest in the <br /> facility.' <br /> F. Other reasonable terms and conditions and procedures may be imposed by the Joint . <br /> Board rdaring ro renewal or non renewal of schc:duling rights. <br /> 12 .. <br /> . <br /> ------- <br />