2003 AGN JUL 01 I22 - Laserfiche WebLink

Browse Search

First Amendment Sports Park Structures Lease City of Colton/Big League Dreams Colton, LLC "Community Sports Facility Sponsor" means any company which agrees to sponsor, or otherwise identify commercially with, the Sports Park by participating in a Community Sports Facility Sponsorship Program. "Community Sports Facility Sponsorship Program" means any program developed by Tenant which offers sponsorship or other commercial identification privileges to a Community Sports Facility Sponsor, including but not limited to signage, in return for sponsorship payments or other benefits to be paid for or provided by such Community Sports Facility Sponsor to Tenant for the benefit of the Sports Park and, in turn, the citizens of Colton and surrounding communities who use it. "Increased Amount" is defined in Section 5 of the Agreement, as amended and restated by Section 2 of this First Amendment. "Increased Amount Payments" is defined in Section 5 of the Agreement, as amended and restated by Section 2 of this First Amendment. 2. Amended and Restated Section 5. Section 5 of the Agreement is amended and restated as follows: "5. Financing Instrument. Landlord shall secure financing for the construction of the Project through (a) a loan from the United States Department of Housing and Urban Development under Section 108 of the Housing and Commercial Development Act of 1974, as amended [42 U.S.C. 5308] ("Section 108"); (b) taxable bond financing; or (c) other sources (other than tax exempt bond financing) identified by Landlord in its sole discretion. a. Financing Instrument Rent. As Financing Instrument Rent, Tenant shall be responsible, as the obligor thereunder, for making all principal and interest payments on a financing instrument or instruments (singly or, as applicable, collectively, the "Financing Instrument") Landlord shall arrange to be issued by the Section 108 lender, the bond underwriter, the other financing source or, if necessary, the City, to evidence the obligation of Tenant to pay costs of the Project in an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00). The Financing Instrument shall not exceed the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00), shall bear interest at a per annum rate not to exceed eight percent (8%), shall be payable as provided in Section 5(b) below and shall be prepayable with no interest or other penalty. Any default by Tenant in its obligations under the Financing Instrument not cured by Tenant within thirty (30) days of written notice to Tenant shall be a default under this Agreement. All payments made by Tenant under the Financing Instrument shall constitute Financing Instrument Rent. 2