Agenda Packets - 1997/01/27 - Laserfiche WebLink

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01/23/97 17:34 FAX 7855699 NSC fj005/013 ' b. Obligations (i) MASC and the Subdivisions are obligated to pay rental income for the fatality annually in an amount equal to the number of hours set forth below(hereinafter the"Guaranteed Hours") times the regular hourly rate (hereinafter referred to as "Guaranteed Rental Income"). Blaine, Coon Rapids,MANS and MASC shall have the right to sell dasher board signage in the ice sheet assigned to them as per the policy of the Joint Board to sponsors and advertisers from its related community, and all proceeds actually raised by such party may be used as a credit against that party's Guaranteed Rental Income. MASC has the rights co sell dasher board signage to regional sponsors as part of overall facility sponsorship for the benefit of the facility. No party may sell signage in conflict with overall facility sponsorship. (ii) Blaine, Coon Rapids MASC and MANS each shall be obligated to pay Guaranteed Rental Income pursuant to this paragraph(b) in amount equal to two thousand eighty(2,080) Guaranteed Hours annually(the MASC guaranteed Hours under this paragraph hereinafter referred to as the "MASC Sheet Hours"). In addition to the above paragraph, MASC shall be obligated to pay Guaranteed Rental Income at the Guaranteed Hourly Rate for an additional two thousand eighty(2,080) Guaranteed Hours (the MASC Guaranteed Hours under this paragraph hereinafter referred to as "MASC Additional Hours"). If the MANS Subdivisions fail to meet the Guaranteed Rental Income pursuant to this paragraph(b), the formula for the allocation of the guarantee is pursuant to an agreement of the MANS parties. Any additional payments that are necessary to meet the Guaranteed Rental Income will initially be allocated to each MANS Subdivision in the following manner: Mounds View 15% Arden Hills 15.5% New Brighton 25.5% Shoreview 46% At least 30 days before the beginning of each fiscal year MANS shall notify MASC of any changes in the above allotment formula. If MASC does not receive notice in any subsequent year, the previous allocations shall apply. (iii) Parties to this Master Agreement may be released from their obligations under this paragraph (b) for Guaranteed Hours under the following conditions: The MANS Subdivisions may assign their Guaranteed Hours to other MANS Subdivisions upon the filing of a certificate with the Joint Board, MASC and Anoka County executed by both Subdivisions, and accompanied by a resolution of the Subdivision to which the Guaranteed Hours have been transferred authorizing the 5