2004 AGN APR 20 I10 - Laserfiche WebLink

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First Amendment Sports Park Structures Lease City of Colton/Big League Dreams Colton, LLC b. Financinq Instrument Payment Terms. Tenant shall pay the Financing Instrument as follows: i. Base Amount Payments. The first $1,500,000 of the principal amount due under the Financing Instrument (the "Base Amount") shall be paid by Tenant in arrears on a fully amortized basis in fixed, level quarterly payments of principal and interest beginning on the first end -of -a -calendar -quarter date (March 31, June 30, September 30 or December 31) which is at least ninety (90) days after the Term Commencement Date and continuing over a term not less than twenty (20) years from the Term Commencement Date (the "Base Amount Payments"). ii. Increased Amount Payments. The remaining principal amount due under the Financing Instrument (the "Increased Amount") shall be paid by Tenant in arrears on a fully amortized basis in fixed, level quarterly payments of principal and interest beginning on the first end -of -a -calendar -quarter date (March 31, June 30, September 30 or December 31) which is at least ninety (90) days after the third anniversary of the Term Commencement Date and continuing over a term not less than twenty (20) years from the Term Commencement Date (the "Increased Amount Payments"). C. Payment Responsibility Adjustment. In the event, at any time during the Term, for any reason or reasons beyond the reasonable control of Tenant, restrictions imposed by any City Statute on the sale of interstate highway facing signage on the exterior replica walls of the Sports Park to Community Sports Facility Sponsors pursuant to and as part of a Community Sports Facility Sponsorship Program prevent Tenant from doing so or make doing so commercially impractical, the City shall at such time assume responsibility for the payment of all remaining Increased Amount Payments to the holder(s) or issuer(s) of the Financing Instrument until such time, if applicable, such restrictions are removed by City. Further, in the event the City does not process and approve the appropriate amendments to the City's Municipal Code providing for the Community Sports Facility Sponsorship Program, the City shall assume responsibility for the payment of all Increased Amount Payments to the holder(s) or issuer(s) of the Financing Instrument until such time, if applicable, such amendments are processed and approved by City. Tenant shall remain obligated to make Base Amount Payments in either such event. In the event, at any time during the Term, for any reason or reasons beyond the reasonable control of Tenant and/or City, restrictions are imposed by any state, federal or other political subdivision or circumstances or events not caused by Tenant or City occur that prevent or preclude the placement of interstate highway facing signage or make such placement commercially impractical on the exterior replica walls of the Sports Park, City and 3