Amending Agreement of Operations between St Joseph Co Hotel-Motel Tax Board South Bend Civic Center Board of managers

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SECTION 10. LOSSES It is recognized that the Board of.Managers is obliged .to pay each year the $150,000 referenced in Section.2 of this Agreement and is also obliged to support.the promotion of conventions and tourism in St. Joseph County. It is, further understood that the Boards recognize their obligation to increase the utilization of Hotel -Motel rooms in St. Joseph. County in conjunction with events at Century Center. However, in the event losses occur in the operation of the convention facility for any calendar year and in the further event the Board of Managers.has tax revenues for that year in excess of $300,000, the Board of Managers agree to pay out of its remaining tax revenue a minimum of 75% of such excess for such losses for that year. It is further understood and agreed that the Board of Managers shall have no further responsibility for any loss of any kind whatsoever. SECTION,11. BOARD OF MANAGERS RESERVATION OF RIGHT TO DISCONTINUE ITS OBLIGATION.TO-PAY FOR LOSSES 'FROM OPERATIONS In the event the Century Center Board fails to make an accounting in accordance with Section 7D or. consistently fails to maintain the facility and operation for the purposes for which they were intended or if the City should fail to fulfill its duty to support the facility, then the Board of Managers may furnish written notice to the Mayor of the City of South Bend of its intention to discontinue its obligation to pay losses as provided in Section.11 hereinabove, as well as any other obligations of support to the convention facility or its operation,'not specified herein, to which it has, or may hereafter, commit itself out of Hotel -Hotel Tax revenues. Such notice shall be served upon the Mayor of the City of South Bend either personally or by Certified Mail, return receipt.iequested., and shall inform the Mayor of the City of South Bend of the specific action -or decision of the Century. Center Board or of the City of South Bend to which the Board of Managers takes exception and advise of _its intent to invoke the provision of this paragraph relating to the discontinuance of its obligation to pay such losses or additional support.