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2000-266B
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2000-266B
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Last modified
7/18/2024 3:17:25 PM
Creation date
7/16/2024 10:48:29 AM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
09/07/2000
Control Number
2000-266B
Agenda Item Number
10.B.2.
Entity Name
Dodgetown
Los Angeles Dodgers, Inc.
Subject
Facility Lease Agreement
Development
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+i <br />i <br />40 <br />such thirty (30) day period, the County commences such cure and diligently proceeds to complete the same <br />thereafter. <br />Section 10.03. Rcmdic . In the event of a Default by either party (otherrthan a Cessation of Use <br />by the Dodgers), the party not in Default shall be entitled, as a non-exclusive remedy, and in addition to <br />or in lieu of an action for damages, to seek an injunction or decree for specific performance or equitable <br />relief from a court of competent jurisdiction to enjoin or remedy the Default. <br />Section 10.04. Cessation of Use ty the Dodgers, If, at any time during the Initial Term (and <br />not a Renewal Term), the Dodgers lose the riglit to own the Team, or to hold Spring Training Home Games <br />in the Facility, or otherwise cease to conduct their spring training operations and/or Spring Training Home <br />Games at the Facility, such event shall constitute a "Cessation of Use" of the Facility by the Dodgers. <br />Notwithstanding anything to the contrary contained in this Agreement, a Cessation of Use of the Facility <br />by the Dodgers shall entitle the County to terminate this Agreement by giving the Dodgers ten (10) days' <br />written notice of termination. The Dodgers shall have ten (10) days after receipt of the aforementioned <br />notice of termination to renounce the Cessation of Use by confirming to the County their intention to <br />continue to use the Facility during the Initial Term as the spring training facility for the Team. A termination <br />pursuant to the provisions of this Section 10.04 shall become effective upon the expiration of the Dodgers' <br />ten (10) day cure period. <br />Section 10.05. Liovidat�aamages. If this Agreement is terminated by the County during the <br />Initial Term as die result of a Cessation of Use by the Dodgers, then the Dodgers shall pay to the County, <br />as "Liquidated. Damages" and in lieu of all other remedies and/or damages of any type which may be <br />available to the County, the entire amount required by the County to defease or retire the Bonds, together <br />with any fees, expenses and costs incurred by the County to so defease or retire the Bonds. <br />Section 10.06. Repurchase By Doducrs. if the Dodgers are required to pay the Liquidated <br />Damages specified in 10.05, above, the Dodgers shall be entitled to repurchase the Facilirylincluding the <br />Land) from the County at a price equal to the Facilim,'s then fair market value, less the amount of any <br />Liquidated Damages paid by the Dodgers to the County hereunder. The then fair market value of the <br />Facility shall be calculated in accordance with the provisions set forth in Section 10.07, below. <br />Section 10,07. Calculation ofFair Mar et Value. For purposes of a repurchase of the Facility <br />by the Dodgers pursuant to this Agreement, the then fair market value of the Facility shall be determined <br />by the following procedure: <br />(a) The Dodgers and the County shall each select an independent M.A.I. appraiser. <br />(b) The appraisers selected by the Dodgers and die County shall then select a third <br />appraiser known as the "independent Appraiser." The Independent Appraiser shall determine the <br />then fair market value of the Facility using the highest and best use method. <br />Page 16 of 25 <br />2a¢ <br />
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