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2018-293A
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2018-293A
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Last modified
1/4/2021 3:18:03 PM
Creation date
1/11/2019 9:40:19 AM
Metadata
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Template:
Official Documents
Official Document Type
Lease
Approved Date
12/18/2018
Control Number
2018-293A
Agenda Item Number
11.A.
Entity Name
Verotown, LLC
Subject
Amended and Restated Facility Lease Agreement
MLB will purchase membership interest
Recorded BK 3175, PG. 1082
Area
Historic Dodgertown
Alternate Name
Major League Baseball
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Facility in its sole discretion, so long as the Facility maintenance, Repairs or Replacements, and <br />the Verotown Improvements are provided in accordance with this Agreement. <br />Section 7.02. Rebranding; Naming Rights. At all times during the Term, neither the <br />County nor Verotown has the right to sell naming rights to Holman Stadium; and neither the <br />County nor Verotown shall change the name of Holman Stadium. Verotown has the sole and <br />absolute right, upon prior written notice to the County but without the prior review and consent <br />of the County to designate the name of any other portion of the Facility provided such name <br />change relates to MLB, an MLB Entity or baseball, including, without limitation, any such topic, <br />entity or individual related thereto. Otherwise, Verotown shall not change the name of any other <br />portion of the Facility without the prior review and consent of the County, which consent will <br />not be unreasonably withheld, unreasonably conditioned or unreasonably delayed. The County <br />represents to Verotown that it does not hold or possess any rights to the use of the name <br />"Dodgertown" or other intellectual property owned or licensed by MLB nor does the County <br />have the authority to authorize such use. <br />ARTICLE VIII <br />CAPITAL IMPROVEMENTS, MAINTENANCE AND REPAIRS OR REPLACEMENTS <br />Section 8.01. Capital Reserve Account. During the Initial Term and any Renewal Term, <br />the County shall establish, fund, and maintain a trust account with a depository (the "Capital <br />Reserve Account") in which County Funds shall be deposited in accordance with the provisions <br />set forth in Section 8.02 below. All funds in the Capital Reserve Account will be County Funds. <br />All withdrawals from the Capital Reserve Account will require the co -signature of the County <br />Administrator or his designee. The Capital Reserve Account will be used by or on behalf of <br />Verotown in making Repairs or Replacements to the Facility, facility maintenance, and <br />Verotown Improvements to the extent reimbursement is authorized pursuant to section 8.05 <br />hereof. Verotown shall consult with the County with respect to any expenditure from the Capital <br />Reserve Account and any such expenditure will be subject to the approval of the County, which <br />approval will not be unreasonably withheld, unreasonably conditioned or unreasonably delayed <br />and will be granted in accordance with the provisions set forth in Section 8.03 below. Any <br />amounts remaining in the Capital Reserve Account at the expiration of the then -current Term <br />shall carry forward to the next Term. Any amounts remaining in the Capital Reserve Account <br />after the application of any reimbursement as provided herein at the expiration or earlier <br />termination of this Agreement will be paid to the County. Verotown is solely responsible for the <br />cost of any Capital Improvements, Repairs or Replacements, or Facility maintenance which <br />exceeds the funds available pursuant to the Capital Reserve Account and any applicable <br />available insurance proceeds. <br />Section 8.02. Contributions to the Capital Reserve Account. On the Effective Date, or <br />such later date as may be mutually agreed to by the parties, the County shall deposit into the <br />Capital Reserve Account the sum of Eight Hundred Thousand and No/100 Dollars <br />($800,000.00). In Lease Years two through five of the Initial Term, annually on or before <br />September 1 the County shall deposit into the Capital Reserve Account a total annual <br />contribution of Eight Hundred Thousand and No/100 Dollars ($800,000.00). In Lease Year six <br />17 <br />
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