Development and Management Agreement. A. The appraisals contemplated by Section 2.13 were completed. The Parties reviewed same and wish to agree on the average of the two appraisals as the Authority Development Property Purchase Price which is $49,354,345.00. The Authority Development Property Purchase Price is subject to the balance of Section 2.13 requiring updated appraisals if the option to exercise is not delivered within six (6) months of the appraisal valuation date, or on or before April 26, 2019. The Authority Development Property Purchase Price also sets the price floor in the event future appraisals value the Authority Development Property at less than $49,354,345.00.
Development and Management Agreement. Lakes and the Tribe entered into that certain First Amended and Restated Memorandum of Agreement Regarding Gaming Development and Management Agreement, dated as of October 13, 2003 (as amended by an Amendment dated June 16, 2004, a Second Amendment dated January 23, 2007, and a Third Amendment dated as of May 17, 2007, and as further amended from time to time, and as subject to the Assignment and Assumption Agreement referred to below, the “Development and Management Agreement”), pursuant to and in connection with which Lakes is entitled to receive a management fee in consideration of its services relating to the management and operation of the Project and certain indemnification and other payments (the “Development and Management Agreement Obligations”) and pursuant to which Lakes advanced (or has committed to advance) borrowings under the Lakes Notes for the purposes described in the Development and Management Agreement.
Development and Management Agreement. Lakes and the Tribe entered into that certain First Amended and Restated Memorandum of Agreement Regarding Gaming Development and Management Agreement, dated as of October 13, 2003, as amended by an Amendment dated June 16, 2004, a Second Amendment dated January 23, 2007, and a Third Amendment dated as of May 17, 2007 (as subject to the Assignment and Assumption Agreement referred to below, the “Development and Management Agreement”), pursuant to and in connection with which the Tribe agreed to pay to Lakes (as the manager of the Project and, in such capacity the “Manager”) a management fee in consideration for Lakes’ services relating to the management and operation of the Project and certain indemnification and other payments (such management fees and other payments being herein collectively referred to as the “Development and Management Agreement Obligations”) and pursuant to which Lakes advanced (or has committed to advance) loans under a credit facility (the “Lakes Facility”) evidenced by the Lakes Notes (as defined below) for the purposes described in the Development and Management Agreement.
Development and Management Agreement. The Parties agree that the appraisals contemplated in Section 2.13, Option to Purchase, shall be completed and delivered to the other party on or before October 31, 2018. The Parties further acknowledge that the blanket prohibition of residential development contain in Section 2.9, Permitted Uses, is only intended to apply during Authority’s ownership of the Authority Development Property. The Authority hereby consents to the development of single family residential post transfer of the Authority Development Property on the portion of the Authority Development Property labeled ASD-F on the Master Plan Concept, attached hereto as Exhibit “A”, subject to Federal Aviation Administration approval.
