Agenda Packets - 1997/01/27 - Laserfiche WebLink

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i IV. DEFINITIONS. As used herein, the following terms shall mean: A. Prime Time means the period from October 1 - March 15. B. Non-Prime Time means all other periods of the year not defined as prime time. C. Regular Hourly Rate means the rental rate of ice time at the National Sports Ice Arena that will be established annually by the Joint Board. D. Joint Board means the board of directors for the National Sports Center Ice Arena as defined by the Master Agreement. E. User Group Committee means a committee consisting of one representative from each of the cities in SAMN and the COUNTY and one representative from each of the HOCKEY ASSOCIATIONS. F. Master Agreement means the agreement titled "National Sports Center Ice Arena Master Agreement" dated the day of , 1997, and incorporated herein as Exhibit A. V. TERMS AND CONDITIONS. In consideration of the mutual undertakings herein expressed and in consideration of the obligations assumed by SAMN and the COUNTY pursuant to the Master Agreement, the parties agree as follows: A. Term. This agreement shall be effective as of the date set forth above, and shall terminate on the day on which the financial obligations of SAMN and the COUNTY are satisfied pursuant to the Master Agreement. B. Financing. • 1. Down Payment. COUNTY agrees to contribute the $500,000 down payment to the Minnesota Amateur Sports Commission (MASC) on behalf of SAMN for construction of the National Sports Center Ice Arena in accordance with the Master Agreement provided that the SAMN guarantees the annual purchase of 1,000 hours of ice time at COUNTY arenas between October 1 and March 15, including at least 16 hours per weekend. 2. Ice Time Obligations. To insure that SAMN meets their annual financial obligations to purchase 2080 hours of ice time per year at the National Sports 1111 Center facility pursuant to the Master Agreement 2