201106937 - Laserfiche WebLink

Browse

2004122�� Project in excess of funds in the Construction Fund and from Other Funding Sources shall be paid by the City as an additional payment. The City shall take possession of the Project upon issuance of certificate of substantial completion by the project azchitect; provided, there aze no unresolved dis�utes with any contractor or supplier concerning the Project. Any control or management of Heartland from and after such taking possession shall be solely as agent and manager for the City pursuant to the Management Contract. The City and Heartland hereby acknowledge and agree that from and after such taking of possession, this Agreement shall constitute between the parties a fully executed contract with the obligation of the City to make the payments for the purchase of the Project in installments as set forth in this Agreement being absolute and unconditional as descril�d in this Agreement. Section VI Proiect Manaeement bv Heartland. Paragraph 7 of the Lease Purchase Agreement is hereby amended to read as follows: 7. PROJECT 1VIANAGEMENT BY HEARTLAND. On or before the issuance of the Building Bonds Heartland and the City shall enter into the Management Conhact in the form set forth as Exhibit A—Second Addendum to this Agreement (as set forth in the Second Addendum). The City and Heartland each expect that the Project will provide substantial social, cultural, recreational and economic benefits to the citizens of the City but that the Project will at best operate on a break-even basis even after receipt by Heartland of the proceeds of any applicable city occupation tax imposed by the City under Neb. Rev. Stat. § 16-205. It is agreed between the City and Heartland that any net revenue from the operation of the Project shall belong to Heartland as its separate property under the Management Contract and shall not inure to or be paid to the City under any circumstances during the term of this Agreemen� Section VII. Asreement to Make Pavments; Lipuidated Damases. The City hereby agrees to mak� installment purchase payments as the purchase price and basic rent due under the Lease Purchase Agreement as amended by this Second Addendum as follows: Pa ent Date Amonnt Due June 10, 2005 $135,Q46.17 December 10, 2005 440,558.75 June 10 2006 142,608.75 December 10, 2006 432,608.75 June 10, 2007 139,418.75 December 10, 2007 439,418.75 June 10, 2008 135,893.75 December 10, 2008 435,893.75 E