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MASC agrees to use its best efforts net financing available for construction and permanent <br /> • financing from rhe proceeds of the Bonds to be issued from the HRA under the Bond <br /> Documents in the amount of not to exceed $9,000,000 (nine million dollars). <br /> Each party will cooperate with Anoka County and will perform such covenants and <br /> obligations as it undertakes to Anoka County. As more frilly set forth below, all rights <br /> granted under this Master Agreement will be assigned to the bond trustee under the Bond <br /> Documents (hereinafter, the"Trustee"), the bond Documents will require that the annual <br /> operating budgets for the Facility must include amounts necessary to pay all operating costs <br /> and annual debt service on the bonds.As described below under PART III E, below, the <br /> parties hereto will be obligated to make certain fixed rental payments for a specified amount <br /> of ice time in amounts which will cumulatively provide for the payment of all operating and <br /> debt service costs of the Facility. <br /> It for any reason, (including refusal of a party to make covenants deemed essential by Anoka <br /> County (bond financing is not secured, this agreement shall be void and all of the cash down <br /> payments shall be refunded to the parties except for the $5,000 from each of MANSR, <br /> Blaine and Coon Rapids, receipt of which by MASC is hereby acknowledged as an amount <br /> separate from and in addition to the down payment required under this paragraph II. <br /> III. FACILITY OPERATION <br /> A. OWNERSHIP <br /> It is agreed that title to all real property upon which the Facility is to be located or <br /> otherwise necessary for the operation or access to the Facility at the NSC will <br /> continue be held by MASC. Title to buildings, fixtures and equipment relating to <br /> • the Facility under this Master Agreement shall be held as required under the Bond <br /> Documents until such time as none of the Bonds remain outstanding under the <br /> Bond Documents. Upon the termination of this Master Agreement, the Facility <br /> shall remain under the ownership of MASC. <br /> B. LIABILITY <br /> For purposes of this Master Agreement, MASC shall be the operator of the Facility <br /> and shall be responsible for all operational decisions which may give rise to tort <br /> liability by reason of the operation of the facility. The parties to this Master <br /> Agreement shall be liable only for obligations undertaken to them pursuant [this <br /> Master Agreement or otherwise provided by] contract. MASC may at its sole option <br /> and discretion may elect to either purchase such insurance as it may choose, or elect <br /> to proceed under Minnesota State Tort Liability Act. <br /> C. STAFFING <br /> MASC will hire, supervise and coordinate all permanent and temporary staff <br /> necessary and convenient co operate the facility. For purposes of determining <br /> operating expenses, MASC may make such reasonable allocations of the overall <br /> expense operation of the National Sports Center expense to the facility as fairly <br /> represent the cost of all staff perfer-ming-werk facililities and equipment employed on <br /> behalf of or beneficial to the facility. MASC may in its sole discretion delegate the <br /> operations of the facility to the National Sports Center Foundation. The <br /> disbursement of funds under this Master Agreement and any contracts entered into <br /> to carry our the Master Agreement shall be the responsibility of MASC and such <br />