Agenda Packets - 1997/01/27 - Laserfiche WebLink

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01/23/97 17:38 FAX 7855699 NSC 2012/013 It is understood that Anoka County may require pledges of revenues received pursuant to the Master Agreement and covenants in connection with the financing of the Facility. Such covenants, to the extent inconsistent with this Master Agreement cake precedence over this Master Agreement. VIII. ALIENATION OF INTEREST Any party may sell,partition or alienate its interest in the Facility or in this agreement to any ocher 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 and procedures as may be determined by the Joint Board. If the Joint Board fails to enact terms procedures and conditions for more than 60 days after notice of intent t o alienate given to the Joint Board at the address of MASC. The party may sell,partition or alienate its interest as it sees fit. Notwithstanding the above, any alienation of interest must be substantially equivalent for financing purposes such that the security interests of Anoka County are not diminished, and shall be subject to Anoka County's approval,which shall not be unreasonably withheld. No such sale, partition or alienation shall relieve a party of its obligations under E(1)(b) or G(1)(d) except as set forth except as set forth in E(1)(iii). Furthermore, no such sale, partition or alienation, or use of the Facility, may be made which would have the effect of causing the Bonds to be classified as"private activity bonds." IX. AMENDMENTS This agreement may not be amended except by unanimous vote of the undersigned or their successors in office or interest as the case may be. - S X STATE AUDITS The books, records, documents and accounting procedures and practices of MASC and the Joint Board relevant to this contract shall be subject to examination by the MASC and the Legislative Auditor. XI. END OF TERM-RIGHT OF RENEWAL If at the end of the term of this agreement. the MASC and the majority of the Board of Directors elect to continue to operate the facility as at lease a four surface ice arena each parry may renew its scheduling rights pursuant to the following terms and conditions: A. No further guarantees of rental revenue arc required from the party B. MASC with consultation with the parties will establish reasonable operation and capital reserves C. "Profits" above those required for operating reserve purposes shall be distributed pro rata to the parties under such terms and conditions as are determined by the Joint Board. D. Each party may renew its rights in five year extensions for as long as the facility is operated as a sports facility. E. If a party elects not to renew its scheduling rights at the end of the original or extended term of this agreement that party will be paid its pro rata share of the operating and • capital improvement reserve accounts and shall have no further rights or interest in the facility.' F. Other reasonable terms and conditions and procedures may be imposed by the Joint Board relating to renewal or non renewal of scheduling rights. 12 A