Laserfiche WebLink
VI!. ADDITIONAL AGREEMENTS <br /> The MANSR Subdivisions may enter into agreements among one another not <br /> inconsistent with this agreement. <br /> It is understood that Anoka County may require pledges of revenues received <br /> pursuant to the Master Agreement and covenants in connection with the financing of <br /> the Facility. Such covenants, to the extent inconsistent with this Master Agreement <br /> take precedence over this Master Agreement. <br /> VIII. ALIENATION OF INTEREST <br /> Any party may sell, partition or alienate its interest in the Facility or in this <br /> agreement to any other party to this agreement on such terms and conditions as they <br /> may agree among themselves. No party shall attempt to or sell, partition or alienate <br /> its interest in the Facility or in this agreement to a non-party without first offering <br /> such interest to the other parties to this agreement under such terms conditions and <br /> procedures as may be determined by the Joint Board. If the Joint Board fails to enact <br /> terms procedures and conditions for more than 60 days after notice of intent t o <br /> alienate given to the Joint Board at the address of MASC. The party may sell, <br /> partition or alienate its interest as it sees fit. Notwithstanding the above, any <br /> alienation of interest must be substantially equivalent for financing purposes such <br /> that the security interests of Anoka County are not diminished. <br /> IX. AMENDMENTS <br /> This agreement may not be amended except by unanimous vote of the undersigned <br /> • or their successors in office or interest as the case may be. <br /> X. STATE AUDITS <br /> The books, records, documents and accounting procedures and practices of MASC <br /> and the Joint Board relevant to this contract shall be subject to examination by the <br /> MASC and the Legislative Auditor. <br /> XI. END OF TERM-RIGHT OF RENEWAL <br /> If at the end of rhe term of this agreement, the MASC and the majority of the Board <br /> of Directors elect to continue to operate the facility as at lease a four surface ice arena <br /> each party may renew its scheduling rights pursuant to the following terms and <br /> conditions: <br /> A. No further guarantees of rental revenue are required from the party <br /> B. MASC with consultation with the parties will establish reasonable operation and <br /> capital reserves <br /> C. "Profits" above those required for operating reserve purposes shall be distributed <br /> pro rata to the parties under such terms and conditions as are determined by the <br /> Joint Board. <br /> D. Each parry may renew its rights in five year extensions for as long as the facility is <br /> operated as a sports facility. <br /> • <br />