15 - Grand Theater Management Agreement

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8/15/18 percent (30%) of the then replacement value thereof (exclusive of the value of the land) PROJECT shall have the option, within one hundred eighty (180) days from the date of the occurrence of such casualty damage, to terminate this LEASE by giving written notice of such termination to CITY within said 180 -day period, in which event: this LEASE shall terminate as of the termination date specified in such notice to CITY, which shall not be less than thirty (30) days after the date of such notice; PROJECT shall not be required to repair the damage; all insurance proceeds available as a result of such damage shall be paid to and be the property of CITY; and the Parties shall have no further liability or obligations one to the other except as may be expressly provided for herein. 4.4,. 0:erat tional Rig➢„its, Revenue. (a) PROJECT shall receive all revenues generated from and associated with the Grand Theater for the duration of the LEASE. (b) Subject to the terms and provisions of this LEASE, PROJECT shall have full and exclusive control of the management and operation of the Grand Theater, including all booking and catering rights. During the term of this LEASE, PROJECT shall have the sole right to grant and enter into licenses, rights, subleases, management agreements, operating agreements and any and all other agreements of any nature relating to the Leased Premises or the name thereof on such terms as PROJECT deems appropriate, and PROJECT shall own all revenues of any source generated by or from the Leased Premises or the operation or management or the name thereof. f .5. CITY Use of T heater. Subject to availability, CITY shall have the right to reserve up to six (6) months in advance the Theater's main performance hall and other smaller rooms. CITY shall be allowed to use the performance hall one time per calendar year and small meeting rooms up to six times per calendar year without paying any room rental fees; provided, however, CITY shall reimburse PROJECT for any damages, and shall make every reasonable effort to use facilities on weekdays instead of weekend days. ARTICLE 5. Capital Maintenance and Reserves 5.1. Capital,, Mante,,,nance. PROJECT shall be responsible for the capital maintenance of all improvements, including all capital equipment maintenance and replacement. 5.2. Capital MamtenancewReserye. Beginning on the third anniversary of the opening of the theater to regular use, and to the extent there are net revenues remaining from the theater's operations and all other funding following payment of operating costs and any annual debt service for the Grand Theater, PROJECT shall establish with CITY a capital maintenance reserve account. PROJECT shall deposit no less frequently than annually, an amount equal to $25,000 in Year 3, $30,000 in Year 4, $35,000 in Year 5, $40,000 in Year 6, $45,000 in Year 7, and $50,000 in Year 8 and each year thereafter. PROJECT'.s...Rght,,,,to....Reimbursement. PROJECT shall have the right, upon submission of a written request accompanied by such supporting documentation as CITY may require, to reimbursement from 6