Parking Operations a. The CFD will have the right and obligation to operate the Parking Improvements.
b. The CFD will manage these areas in a manner that benefits the operations of the Arena and is consistent with and beneficial to the operations of Westgate.
c. So long as Buyer has outstanding debt incurred for the purchase of the Coyotes outstanding, the CFD will pay to Buyer a Parking Operations Fee equal to the lesser of $7,500,000 or the amount due from Buyer on that debt (“CFD Payment”) in incremental monthly installments equal to 1/12 of the CFD Payment.
d. CFD will, with the assistance of the City, establish sufficient and available financial reserves, secure a credit enhancement, or both sufficient to assure that adequate funds are available for the CFD to pay the increment CFD Payments when due.
e. Any amount of the parking revenues not paid by the CFD to Buyer will be paid to the City.
f. Should the CFD Payment not be available during any of the first five years after and including the 2010-2011 season, at the conclusion of the fifth full season the following may occur:
1. The CFD will secure additional funds through new revenue streams that are sufficient to pay to Buyer the amount of any CFD Payment shortfalls during the previous years and provide reasonable assurances that no further shortfalls will occur; or,
2. In the event the CFD cannot pay the CFD Payment during the first five years after the 2010-2011 season, Buyer may provide the CFD and the City not less than 180 days notice of its intent to sell the Coyotes assets, and
i) During that notice period the City may secure a new buyer for an amount to be negotiated in the additional documents subject to negotiations that will not be greater than the outstanding amount of the initial debt plus any equity investment (“Minimum Sale Price”) and who will keep the Coyotes in Glendale, in which case Buyer will sell the Coyotes to the Glendale buyer or forego it’s recourse; or
ii) In the event the City has not secured a new buyer for the Minimum Sale Price during the notice period, Buyer may sell the Coyotes to a subsequent buyer who will honor the remaining term of the use and lease agreements that are anticipated by this MOU.
iii) In the event of either (i) or (ii) and upon conclusion of the sale to new owners, Buyers will be relieved of any obligation under the use and lease agreement for the Arena.
Parking Operations. Unless otherwise determined by Landlord, the parking areas at the Property and the Complex Parking Area will be operated on a self-parking basis, and Tenant shall be obligated to park and remove its own automobiles. The parking rights granted herein are non-transferable (other than to a permitted assignee or subtenant pursuant to the applicable provisions of Article XII hereof) but are available for use by Tenant, its permitted assignees and subtenants and their employees, contractors and invitees. Subject to Tenant's express rights under Section 10.1 of this Lease, Landlord reserves for itself and any other Complex Owner the right to alter the parking areas as it sees fit and in such case to change the parking areas including the reduction in area of the same, Tenant acknowledging that in connection with the potential expansion of buildings in the Complex or the addition of other buildings thereto, it may be necessary to make significant changes to the parking areas which may result in the reduction of the amount of parking available in the parking areas and the change of location of such parking or may change the access to or egress from the parking areas, all of which Landlord or any other owner of property in the Complex may perform in its sole and exclusive discretion so long as no such actions have a Tenant Adverse Impact. Notwithstanding the foregoing, except if required by applicable Legal Requirements or as the result of a casualty or taking pursuant to Article XIV of this Lease or an elimination of spaces due to Tenant's exercise of its adjustment option or expansion option under this Lease, in no event shall any changes to or reduction in the parking areas elected by Landlord or any other Complex Owner result in a reduction in the Number of Parking Spaces provided to Tenant pursuant to Section 1.2. Except for (a) normal and reasonable wear and use and (b) damage caused by fire or casualty and by eminent domain, Landlord shall, throughout the Lease Term, subject to provisions for reimbursement by Tenant as contained in Section 7.4 and Section 7.5 (including the exclusions from Landlord's Operating Expenses set forth in said Section 7.4), keep and maintain, or cause to be kept and maintained, the parking areas of the Property in good condition and repair, in compliance with all applicable Legal Requirements, and in a manner consistent with parking facilities in similar Class A mixed-use buildings in the Market Area, except that Landlord shall in n...
Parking Operations. Except for (a) normal and reasonable wear and use and (b) damage caused by fire or casualty and by eminent domain, Landlord shall, throughout the Lease Term, subject to provisions for reimbursement by Tenant as contained in Section 7.4 and Section 7.5, keep and maintain, or cause to be kept and maintained, the parking area in good condition and repair, in compliance with all applicable Legal Requirements, and in a manner consistent with surface parking areas in similar office buildings in the Market Area, except that Landlord shall in no event be responsible to Tenant for any condition in the parking area caused by any act or neglect of Tenant or any agent, employee, contractor, assignee, subtenant, licensee, concessionaire or invitee of Tenant and which is not covered by the insurance maintained or required to be maintained by Landlord pursuant to Section 13.12 of this Lease. Tenant shall have access to the parking area twenty-four (24) hours per day, seven (7) days per week, subject to reasonable security restrictions and emergency conditions.
Parking Operations. (a) Tenant may operate the Premises as a parking lot, including, without limitation, for parking in connection with Ballpark Events and Special Events, parking for Project tenants and residents, and general public parking. Tenant may retain a Parking Operator and enter into an agreement with such Parking Operator for the parking operations on the Premises or any portion thereof, either as a Subtenant or as an Agent of Tenant (“Parking Operator Agreement”). Tenant or its Parking Operator may enter into use agreements or licenses with third parties for parking on an hourly, daily, weekly or monthly basis that are not inconsistent with the terms and conditions of this Lease (collectively, “Parking Use Agreements;” together with Parking Operator Agreement, “Parking Agreements”).
