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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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(b) Up to fifty percent (50%) of the costs of the Verotown Improvements <br />identified in paragraph (a) above will be eligible for reimbursement to Verotown from the <br />Capital Reserve Account. After the successful and timely completion of the Verotown <br />Improvements identified in paragraph (a) above, future Capital Improvements, including <br />any replacement of or supplement to the Verotown Improvements (e.g., carpeting may <br />require further replacement) that are approved by the County in accordance with the <br />terms and conditions set forth in this Agreement, will be eligible for full reimbursement <br />from the Capital Reserve Account to the extent funds are available or will become <br />available. The fifty percent (50%) reimbursement limitation shall not apply to projects <br />not included as Verotown Improvements identified in paragraph (a) above or any <br />replacements of or supplements thereto. Notwithstanding the foregoing, in the event <br />Verotown terminates this Agreement due to the County's Default hereunder, (1) the <br />Verotown Improvements identified in paragraph (a) will be eligible for reimbursement to <br />Verotown by the County in accordance with Section 8.03(c) of this Agreement as follows <br />(and at all time subject to the cap set forth in Section 8.03(c)): (i) one hundred percent <br />(100%) of Verotown's actual costs set forth in a valid Requisition Request (if submitted <br />within thirty (30) days after such termination for expenses incurred prior to the <br />termination) if such termination occurs within the first Lease Year; (ii) ninety percent <br />(90%) of Verotown's actual costs set forth in a valid Requisition Request (if submitted <br />within thirty (30) days after such termination for expenses incurred prior to the <br />termination) if such termination occurs during Lease Years two and three; (iii) eighty <br />percent (80%) of Verotown's actual costs set forth in a valid Requisition Request (if <br />submitted within thirty (30) days after such termination for expenses incurred prior to the <br />termination) if such termination occurs during Lease Years four and five; and (iv) <br />seventy percent (70%) of Verotown's actual costs set forth in a valid Requisition Request <br />(if submitted within thirty (30) days after such termination for expenses incurred prior to <br />the termination) if such termination occurs during Lease Year six or any Lease Year <br />thereafter during the Initial Term or any Renewal Terms and (2) Verotown shall use best <br />efforts to cause its contractors to complete any projects where the contractors have been <br />paid for work not yet completed as of the termination date, and the County shall permit <br />Verotown and its contractors to access the Facility after such termination in connection <br />therewith. Further, Verotown will reasonably pursue any remedies available to it under <br />such construction contract at the County's sole cost and expense or assign the <br />construction contract to the County if assignable. <br />Section 8.06. Construction Requirements. Subject to the terms and conditions of this <br />Agreement, Verotown, in performing the roofing repair and replacement projects set forth in <br />Section 8.04(b) on behalf of the County, the Verotown Improvements set forth in Section <br />8.05(a), and any future Capital Improvements agreed to by the parties and the County in <br />performing the County Improvements (but, as to the County limited to Section 8.06 (h), (i), 0), <br />(o), and (p) below) (the "Projects"), shall: <br />(a) Exercise good faith commercially reasonable efforts to complete the <br />Projects in a safe, good, and workmanlike manner within the times established in the <br />Agreement and in the most expeditious and economical manner; <br />24 <br />
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