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NOW THEREFORE, for good and valuable consideration the parties hereto <br /> hereby agree as follows: <br /> SECTION 1 <br /> TERM <br /> This Agreement shall be effective as of the date set forth above, and shall terminate on <br /> the earlier of January 1, 2026, or the final maturity date of the Bonds. In the event the <br /> Bonds are redeemed prior to the final maturity date, this Agreement shall still remain in <br /> effect until January 1, 2026. <br /> SECTION 2 <br /> GUARANTEE OBLIGATION <br /> 2.1 Centennial Cities. The Centennial Cities (the cities of Centerville, Circle <br /> Pines and Lino Lakes) agree to guarantee for each year during the term of this Agreement, <br /> rental income to the Facility at the Hourly Rate for the one thousand three hundred forty <br /> (1340) Priority Hours only if annual gross rink revenues are insufficient to pay annual <br /> bond & operating costs. This guarantee obligation shall be allocated to each member city <br /> as follows: Lino Lakes (72 %), Centerville (16 %), and Circle Pines (12 %). It is <br /> acknowledged that CYHA has entered into an Ice Sheet Rental Agreement with NSCF to <br /> guarantee 860 of these 1340 hours. <br /> 2.2 Such guarantee of rental income shall not be required after the initial bond <br /> debt, which finances the facility, is paid in full. <br /> SECTION 3 <br /> NOTIFICATION <br /> 3.1 Notification. On or before June 1 of each year, NSCF shall provide to the <br /> City of Centerville a written notification ( "Notice ") if any portion of the 1360 ice sheet <br /> hours have not been committed to in the manner provided for by the joint board. <br /> 3.2 Right to call for Joint Board Meeting. The City of Centerville shall have <br /> thirty (30) days from the date of the Deficiency Notice to request in writing that the NSCF <br /> call a meeting of the Joint Board for the sole purpose of exploring any available <br /> opportunities for the sale of all or any portion of the Uncommitted Hours. Upon receipt <br /> of such written request for a meeting of the Joint Board, NSCF shall schedule a meeting as <br /> soon as practical and notify the City of Centerville of the date of such meeting. <br /> 3.3 Payment of Deficiency. As soon as practical after March 31 of each year, <br /> NSCF shall provide to the City of Centerville written notification of the number of <br /> Uncommitted Hours that remained unsold as of March 31 and the dollar amount due <br /> ( "Deficiency Assessment ") NSCF based on the Regular Hourly Rate. Payment by the City <br /> Draft 02 /22/2006 2 <br />