Ordinance 2587-02 - Laserfiche WebLink

• 6.3 Operation and Maintenance of Regional Center Generally. The District will select and contract with an experienced professional management firm or experienced individual professional manager to manage the Regional Center. The District will maintain the Regional Center, the property on which the Regional Center is located ("Property"), and all improvements on the Property in a condition that is comparable to other similar events centers located in first class cities (as defined by state law) of the State of Washington. The District, at its sole cost and expense, shall ensure that the Regional Center, the Property, and all improvements on the Property, comply with all applicable laws, rules, ordinances, and regulations of federal, state, county, municipal, and other governmental bodies having jurisdiction over the Regional Center. The City shall have no obligation to modify, maintain, improve, or repair the Property, the Regional Center, or any improvements on the Property, except as expressly provided in Section 4 of this Agreement. 6.4 Joint Operational Control in Event of Default. In the event of a default of any kind by the District on its financial obligations under this Agreement which the City reasonably believes would put it at financial risk, including any default under the terms of Permitted Debt issued to finance the Regional Center, or at such time as the City may be required to pay any money under the pledge of its credit on the interim financing or its guarantee of the Operating Reserve Fund, the City in its discretion may elect to exercise joint operational control of the Regional Center with the District until such time as all such defaults have been cured and any money paid by the City, including any payments associated with the assumption of operational control of the Regional Center, are fully repaid together with any costs and expenses, including attorneys' fees, with interest thereon at the rate or rates provided herein, and the City has received financial and operational assurances that such default will likely not reoccur. If the City elects to exercise joint operational control of the Regional Center, the City may require the District to take one or more of the following actions, including but not limited to: 6.4.1 Replacing the professional management firm or individual professional manager having responsibility for the overall management and operation of the Regional Center on behalf of the District; 6.4.2 Retaining and directing an independent, professional consultant experienced in the management and operation of events centers similar to the Regional Center to make recommendations as to the revision of the District's business operations and its schedules of rentals, rates, fees and charges for the use of the Regional Center, and, after receiving such recommendations, taking all lawful measures to revise the schedule of rentals, rates, fees and charges as necessary to produce revenues sufficient to cure all financial defaults and generally place the operation of the Regional Center on a sound financial basis; 6.4.3 Taking all lawful measures to renegotiate any Principal Contract, including the Anchor Tenant Contract, as necessary to produce revenues sufficient to cure all financial defaults and generally place the operation of the Regional Center on a sound financial basis. -12- INTERLOCAL FINANCING AGREEMENT 200203010680