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LCHS as soon as practical once the LCHS is eligible for licensing pursuant to state and local <br />regulations. Proposed sites could include the Little Canada Bingo Hall or a pull -tab location. <br />5. Once involved in charitable gambling, and subject to state and local regulations, <br />LCHS is pledging 75% of its net profits to the City on an ongoing basis to reimburse City for its <br />capital outlay associated with the construction of the aforementioned addition. (City capital <br />outlays shall also be offset by any third party donations made for the purpose of constructing this <br />addition whether received by the City or by the LCHS and subsequently remitted to the City.) <br />Said pledge will be deemed satisfied when repayments have been made to retire this outlay <br />including interest accrual of 6.5% per annum or should the LCHS no longer be able to operate a <br />charitable gaming enterprise. <br />6. The City agrees that ongoing operation and maintenance expenses associated with the <br />physical space of the addition and related appurtenances shall be paid for by the City as <br />authorized by Minnesota Statutes Chapter 471.191. All other costs shall be the responsibility of <br />LCHS. <br />7. The City and the LCHS acknowledge that the aforementioned building addition is to <br />be owned and considered and asset of the City. The City shall enter into a written Lease of said <br />addition to the LCHS for a 30 -year term with consideration for the Lease consisting of the <br />operation of a public community museum by the LCHS, together with repayment of capital <br />outlays to the City by the LCHS as previously described. <br />8. It shall be an Event of Default under this Agreement if any of the following shall <br />occur: <br />(a) The operation of the public community museum as contemplated by this <br />Agreement shall cease; or <br />3 <br />Page 75 <br />