Agenda Packets - 1996/06/03 - Laserfiche WebLink

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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 DOWNPAYMENT, portion of the financing. Payment in full of the DOWNPAYMENT means that the proposed design is accepted to that party. Failure to pay within II 30 days after demand means that the party failing to pay has withdrawn from this agreement and this agreement shall be.void as to all parties.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 DOWNPAYMENTS are made, MASC will cause the facility to be constructed substan- tially in accordance with the proposed design. Substantial modifications not increasing the overall cost of the facility may be made by a majority vote of the Board of Directors. Substantial modifications to the design which increases the overall cost of the facility may be made only after a unanimous vote of the Board of Directors. VII. 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. VIII. DEFAULTS If any party 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 party, the other 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 procedures as are determined by the board of directors. If no other party assumes the assets, liabilities, rights and obligations of the defaulting party, MASC may dispose of them in such manner as it sees fit. IX. ALIENATION OF INTEREST Any party may sell, partition or alienate its interest in the facility or in this agreement to any other party to this agreement on such terms and conditions as they may agree among themselves. No party shall attempt to or sell, partition or alienate its interest in the facility or in this agreement to a non-party without first offering such interest to the other parties to this agreement under such terms conditions an d procedures as may be determined by the board of directors. If the board of directors fails to enact terms procedures and conditions for more than 60 days after notice of intent to alienate given to the board at the address of MASC,The party may sell, partition or alienate its interest as it sees fit. • 5