Agenda Packets - 1996/12/02 - Laserfiche WebLink

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adequately for equipment, locker rooms, concessions and toilet areas and all other 111 space and equipment reasonably necessary for the operation of the facility. Each party shall have at least 30 days to review the proposed design. After this 30 day review period, MASC may demand payment of the first part of the DOWN PAYMENT, portion of the financing. Payment of the first part of the DOWN PAYMENT means that the proposed design is accepted by that party. Failure to pay within 30 days after the demand means that the party failing to pay has withdrawn from this agreement and this agreement shall be void as to all parties. If the required DOWN PAYMENTS are made, MASC will cause the facility to be constructed substantially in accordance with the proposed design. After design approval, any substantial modifications not increasing the overall cost of the facility by more than $50,000 may be made by a majority vote of the Joint Board. After design approval any substantial modifications to the design which increases the overall cost of the facility by more than $50,000 may be made only after a unanimous vote of the Joint Board. V. EXPANSION MASC shall have the right to expand the number of ice sheets on its property beyond four provided that: • If such expansion is physically connected to this facility all parties shall have pro rata right of first refusal to purchase additional scheduling and programming rights on such terms and conditions as are offered by MASC. Exception: It is contemplated that MASC in connection with financing the construction of this facility, may make certain covenants to Anoka County in connection with the operation of Columbia Ice Arena. In such case, MASC shall be permitted to fulfill its covenants as a priority over rights granted by this paragraph. VI. DEFAULTS AND FAILURES TO PERFORM If any parry defaults on any of its obligations under this agreement and such default continues for a period in excess of 30 days after written notice is mailed to such parry, the ocher parties shall have right of first refusal on all of the defaulting party's assets, liabilities, rights and obligations in connection with the facility and this agreement, under such terms conditions and procedure as are determined by the agreement, under such terms conditions and procedures as are determined by the Joint Board. If no other parry assumes the assets, liabilities, rights and obligations of the defaulting party, MASC may dispose of them ins such manner as it sees fit. If any party except the MASC fails to perform an obligation required under this agreement, all parries agree that MASC may pursue any appropriate remedies on behalf of all parties including litigation in a court of competent jurisdiction. If MASC fails to perform any obligation, the board, by majority affirmative vote may • pursue appropriate remedies on behalf of all parties.